Carbon capture policy development and the pathway forward How can policymakers help commercialise the carbon capture market to significantly kick off the global deployment of the technology?
T he global warming challenge is a big concern to each of us, including the very sceptics. Its effects are experienced directly or indirectly by everyone, some of which include harsh weather and a rise in sea level and temperature. Unplanned floods and extreme weather infrastructures and disasters. Such disasters may lead to severe economic loss and the destruction of private and public infrastructures. conditions potentially lead to a loss of lives or They could also lead to people being displaced from their homes and the destabilisation of regional governments, especially Damilola Abe University of Houston
Oil
Natural gas
Coal
Other renewables
Bioenergy Nuclear
Hydro
5,000
4,000
3,000
2,000
1,000
0
Figure 1 Alternative renewable energy sources by 2040
Source: IEA
in struggling economies, and an increase in government spending to restore severely damaged infrastructures. According to the International Energy Agency (see Figure 1 ), alternative renewable energy sources would only meet 8% of human energy demands by 2040. This small percentage means that coal and fossil fuels are the most reliable source for the foreseeable future. Current renewable sources cannot meet the rising global demand for energy. Since the world still relies on fossil fuels for energy consumption, greenhouse gas emissions will continue to increase. At this point, carbon capture utilisation and storage
(CCUS) becomes the best option for mitigating climate change. On an individual level, carbon capture storage projects are proven and effective. The Sleipner and Snøhvit carbon capture project in offshore Norway is a testament to the viability of the success of its technology and advantages. However, several factors still hinder its global deployment, including regulatory, legal, economic and financial challenges. Amongst its challenges to deployment on a commercial level, economic and financial setbacks are the most crucial. Up until now, policymakers have struggled to develop the business-sustaining groundwork
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