Without carbon capture and storage (CCS), it will cost the EU an additional EUR 1.2 trillion to reach its carbon dioxide reduction target for the power sector and many energy-intensive industries will simply be unable to achieve the necessary emissions reductions, according to a report published by the Zero Emissions Platform (ZEP).
The report also stressed that investment in CO2 transport and storage infrastructure should start immediately in order to deploy CCS widely from 2025 – a delay of even 10 years will cost the power sector and industry an extra EUR 200 billion to reach the EU targets.
Delaying will also result in a forced doubling of the annual CCS deployment rate to 15-20 GW for power alone which the study found to be unrealistic given supply constraints for the delivery of power plants, CCS infrastructure and the necessary skills. Consequently, delaying CCS deployment until 2035 risks severely limiting its optionality, the report found.
ZEP Chairman Dr Graeme Sweeney said in a statement that CCS was commercially viable and that there was enormous potential across the power and energy intensive sectors to decarbonise. “If we delay, we will simply fail to achieve our European climate objectives. We must disrupt the logic that emitting CO2 is cheaper than capturing and storing it,” he said.
Given that the next 10 years are critical for ensuring that the right support measures are in place to accelerate the deployment of CCS, ZEP presented its recently published Executable Plan for enabling CCS in Europe at an event held in the European Parliament in November. This plan outlines actions to ensure the commercialisation of CCS in Europe.
“The Executable Plan for enabling CCS in Europe lays out concrete steps for delivering CCS, ensuring a strong business case for investment. The European Commission and stakeholders across the CCS chain must work together to push the deployment of CCS now,” Sweeney said.
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