Energy ministers meeting in Abu Dhabi yesterday agreed on an action plan to accelerate the development of carbon capture and storage (CCS) technology.
A group of 12 countries including the UK, Australia, the US, South Korea, Norway and Canada backed recommendations made by the Carbon Capture, Use and Storage (CCUS) Action Group and presented at the Clean Energy Ministerial conference in the United Arab Emirates.
The countries agreed to continue or initiate action in support of at least one of the recommendations, which include policies to address the financial gap and risks associated with early-mover projects and to advance legal and regulatory frameworks for CCS.
In addition, countries will look to share knowledge and review gaps in storage capacity data to work towards building the projects. The International Energy Agency (IEA) says that 100 CCS projects by 2020 and 3,000 by 2050 will be needed to keep temperature rises below two degrees Celsius.
The IEA estimates CCS will contribute 19 per cent of all emission reductions required by 2050, but industry experts insist progress is being stunted by a lack of support to meet the high capital costs of projects.
Energy and climate change secretary Chris Huhne said he would be pushing for considerable progress in time for next year’s Clean Energy Ministerial conference in the UK.
“There can be no solution to climate change and energy security globally without carbon capture and storage. Deployment of the technology is close, but it won’t happen at commercial scale without concerted efforts by governments around the world to address legal, financial and technical barriers,” he said.
“Our work with Australia to galvanise action and the commitments we’ve secured from key countries today are a step forward in this challenge.”
