Prospects for carbon capture received a boost in September when the International Energy Agency (IEA) said the emerging technology is “critical” to a clean-energy transition. But experts consulted by GTM have acknowledged there is scant likelihood of scaling carbon-capture technologies to meaningful levels without a radical increase in carbon pricing around the world. Carbon capture and storage (CCS) and carbon capture, utilization and storage (CCUS) are seen as increasingly vital components of achieving climate goals because the pace of clean-energy deployment does not seem fast enough to avoid significant levels of global warming. Both technologies could mitigate climate change by removing emissions from existing fossil fuel generation or even pulling carbon out of the atmosphere. CCUS could go a step further by using sequestered carbon as a feedstock for industrial processes or synthetic fuels. This potential led the IEA to claim in September that CCUS “will need to form a key pillar of efforts to put the world on the path to net-zero emissions,” alongside electrification, clean hydrogen and sustainable bioenergy. But for this to happen, the IEA acknowledges that a major ramp-up of CCUS deployment will have to take place over the next decade. As it stands, even though the outlook for carbon-capture technologies is arguably better than ever the sector’s ability to scale is still deeply in question.
GTM 7th Dec 2020 read more »
The construction of new fossil fuel power stations paired with carbon capture and storage technologies could substantially increase the cost of power, with new analysis finding the technology up to six times more expensive than wind and solar, even when combined with energy storage. The analysis has been undertaken by associate professor Bruce Mountain of the Victoria Energy Policy Centre at Victoria University and found that adding carbon capture and storage technologies to a new coal-fired generator could raise the levelised cost of electricity by between $90 and $125 per MWh. With new coal and gas already more expensive than new wind and solar projects, the cost of storing the emissions from the fossil fuel technologies would further raise the costs, to the extent that it would be cheaper to build wind, solar and storage to achieve similar levels of dispatchability while producing zero-emissions electricity.
Renew Economy 9th Dec 2020 read more »