International Energy Agency (IEA) urges major funding boost for carbon capture

Citation

(2009), "International Energy Agency (IEA) urges major funding boost for carbon capture", International Journal of Climate Change Strategies and Management, Vol. 1 No. 2. https://doi.org/10.1108/ijccsm.2009.41401bab.003

International Energy Agency (IEA) urges major funding boost for carbon capture

Article Type: News From: International Journal of Climate Change Strategies and Management, Volume 1, Issue 2

The world’s eight leading industrialised countries will fail to meet their objectives on carbon capture and storage (CCS) unless they urgently invest up to $20b (€15b) in the technology, according to a report published by the IEA.

In June 2008, G8 energy ministers pledged to build 20 large-scale CCS demonstration plants by 2010 and get them up-and-running by the end of the next decade. But, the IEA says current spending levels are “nowhere near enough” to achieve these goals.

The agency notes progress is underway in some countries but none has yet put in place the “comprehensive, detailed legal and regulatory framework” needed to develop CCS. European lawmakers are currently discussing a draft directive on CCS. The EU plans to build 12 demonstration plants by 2015.

“The window of opportunity is closing for the global community to cost-effectively address climate change,” warned IEA Head Nobuo Tanaka. “If we do not successfully demonstrate CCS soon, it will raise costs significantly for other climate mitigation options,” he added.

The IEA says CCS could contribute to nearly one-fifth of the reductions needed to halve greenhouse gas emissions by 2050, a long-term goal agreed by G8 leaders in July 2008. The report assesses the potential, cost and performance of CCS and provides a road map for deploying the technology on a global scale by 2030.