The report underlines that Carbon Capture and Storage has a critical role to play in decarbonizing the power sector and energy intensive industries as well as supporting energy efficiency.
Speaking after the publication of the report, Dr. Graeme Sweeney, ZEP Chairman, said, “We commend the IEA for this comprehensive report that reiterates the value of CCS in the mitigation of CO2 emissions. The report’s conclusions come at a crucial time in EU energy policy discussions on ensuring security of supply for Europe, while staying in line with our emission reduction objectives. Following recent political developments in its eastern neighbourhood, the EU faces an uncertain energy future. It is clear that we must increasingly look towards our indigenous energy sources – CCS plays an essential role in enabling this.”
“The IEA has made clear that CCS is crucial for decarbonizing large-scale fossil fuel use for power generation and in energy-intensive industry. The agency previously concluded that in principle this technology can reduce full life-cycle CO2 emissions from fossil-fuel combustion at power stations and industrial sites by 65-85%. Moreover, by providing flexible back-up power, CCS is an essential complement to renewables and energy efficiency,” Sweeney added.
Yet, the IEA has confirmed, as ZEP has often pointed out, that the deployment of CCS is occurring too slowly due to high costs and a lack of political and financial commitment. Increased progress in CCS research, development and demonstration is needed to ensure cost-competitiveness and timely deployment.
“Based on ZEP’s own analysis, if we act now, with the right investment framework and support measures, CCS can become commercially available post 2030. The next step is to scale up to large, integrated projects, which have a huge potential to drive down costs. This is achievable through the introduction of transitional support measures and the creation of a level playing field with other low carbon technologies. Ultimately, the EU must embed CCS in its energy security strategy and 2030 energy and climate framework,” Dr. Sweeney concluded.