Sustainable financing of permanent CO2 disposal through a Carbon Takeback Obligation

Unless there is immediate, unprecedented, reduction in global demand for carbon-intensive energy and products, then capture and permanent storage of billions of tonnes of carbon dioxide (CO2) annually will be needed before mid-century to meet Paris Agreement goals. Yet competition from cheaper, temporary, carbon storage means that permanent disposal remains starved of investment, currently representing about 0.1% of Energy and Industrial Process (EIP) emissions. This stored fraction must reach 100% to stop EIPs causing global warming. Here we show that a cost-effective transition can occur by mandating an increasing stored fraction through a progressive Carbon Takeback Obligation (CTO) on fossil fuel producers and importers. Projected costs of storage to the consumer are lower than pricing carbon emissions in conventional 1.5{\deg}C scenarios until the 2040s, and comparable or lower thereafter. A CTO combined with measures to reduce CO2 production would deliver the lowest-risk pathway to achieving net zero.Comment: 10 pages, 1 figure, SI available on reques

Environmental Audit Committee: Personal submission to Sustainability and HM Treasury inquiry

On 25 November 2015, the UK Government issued a statement to the London Stock Exchange a few hours after the Chancellor's Autumn Statement, which withdrew the capital funding support for the CCS Competition in the UK. This abrupt and unexpected change of support led to immediate cessation of work on the two CCS projects underway in the Competition: Capture Power at Drax in Yorkshire, which has subsequently cancelled the project; and Peterhead to Goldeneye in Aberdeenshire, where the project is currently suspended. Confidence among investors in CCS has plummeted domestically and internationally. Government (DECC Ministers) have spoken about the UK being “still interested” in CCS, although there is no definitive information. Does the cancellation have a direct money impact? Recently ministers suggested that £222 million of public money has been spent to date on CCS. However, the full cost should also consider lost investment.On 25 November 2015, the UK Government issued a statement to the London Stock Exchange a few hours after the Chancellor's Autumn Statement, which withdrew the capital funding support for the CCS Competition in the UK. This abrupt and unexpected change of support led to immediate cessation of work on the two CCS projects underway in the Competition: Capture Power at Drax in Yorkshire, which has subsequently cancelled the project; and Peterhead to Goldeneye in Aberdeenshire, where the project is currently suspended. Confidence among investors in CCS has plummeted domestically and internationally. Government (DECC Ministers) have spoken about the UK being “still interested” in CCS, although there is no definitive information. Does the cancellation have a direct money impact? Recently ministers suggested that £222 million of public money has been spent to date on CCS. However, the full cost should also consider lost investment

Carbon capture and storage: UK's fourth energy pillar, or broken bridge?

CCS power is the only way to burn fossil fuel with lower emissions, and will be essential to fill in electricity generation gaps on weeks when wind does not blow across the EU. CCS is part of the UK plan for a low carbon future, but is progressing too slowly, to be commercially proven when needed. The UK is uniquely advantaged to exploit CCS, with interest from power, transport, and storage companies. Our group has made a comprehensive first evaluation of offshore UK storage, showing that 100 years of not just UK, but also European CO2, could be stored profitably. If this business charged pore space fees, that could be a revenue of £5Bn per year just from storage. Pilot injection could start immediately, and is a needed to solve longer-term capacity uncertainties.Mike Stephenson (BGS) and Stuart Haszeldine (University of Edinburgh) were speaking at the "Carbon capture and storage in the north sea: a national asset in a low carbon future" session at the 2009 British Science Festival in Guildford. Talk short summary: CCS power is the only way to burn fossil fuel with lower emissions, and will be essential to fill in electricity generation gaps on weeks when wind does not blow across the EU. CCS is part of the UK plan for a low carbon future, but is progressing too slowly, to be commercially proven when needed. The UK is uniquely advantaged to exploit CCS, with interest from power, transport, and storage companies. Our group has made a comprehensive first evaluation of offshore UK storage, showing that 100 years of not just UK, but also European CO2, could be stored profitably. If this business charged pore space fees, that could be a revenue of £5Bn per year just from storage. Pilot injection could start immediately, and is a needed to solve longer-term capacity uncertainties

Technologies for meeting Clean Growth emissions reduction targets

Just as timely Government decisions in the 1970s promoted highly effective oil and gas production in the North Sea, there is immediate opportunity for Government to achieve significant emissions reductions across the economy by promoting and supporting the proven technology of carbon capture and storage (CCS)