Global warming is an omnipresent topic in the media. Capturing CO2 from industrial plants and pressing it underground (Carbon Capture and Storage, CCS) is a way to reduce global emissions. This paper will introduce the most important economic challenges of CCS today and how they are targeted in 2017. Research is focused on improving the capture process, finding new technologies and stating the overall economic benefits of implementing CCS. Demonstration and Development have proceeded in 2017 but significantly lost momentum since 2010. Commercialization of CCS is challenged by financing capital and operational costs and will always need a protective policy to be an economically viable option. Because CCS is the only means to deeply reduce CO2 emissions of fossil fuel power plants and highly emitting industrial sectors, it should be considered as an important asset in the climate change mitigation portfolio.
One of the most discussed topics and also one of the most urging topics is climate change. The Intergovernmental Panel on Climate Change (IPCC) published their 5th Assessment Report in 2014 and stated that global warming should be kept below 2°C to limit problematic consequences of climate change. One year after this, the global community agreed in Paris to keep global warming well below 2°C. There are several measures that can be thought of to accomplish this – renewable energies, reducing individual consumption or higher efficiency of CO2 emitting applications. In fact, a diversified portfolio of climate change mitigation strategies is needed. A controversially discussed option of this portfolio is Carbon Capture, Transportation and Storage (CCS).
Inhaltsverzeichnis (Table of Contents)
- Introduction
- Research and Development
- Demonstration
- Commercialization
- Conclusion
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This paper investigates the economic challenges of Carbon Capture and Storage (CCS) technology and how these challenges are being addressed in 2017. The paper follows the innovation path of CCS, from research and development to commercialization.
- Economic challenges of CCS
- Research and development efforts to improve capture processes and find new technologies
- Demonstration and development of CCS projects
- Commercialization challenges, including financing and policy considerations
- The role of CCS in climate change mitigation strategies
Zusammenfassung der Kapitel (Chapter Summaries)
- Introduction: This chapter provides an overview of the global warming problem and the role of CCS in reducing CO2 emissions. It also discusses the history of CCS and its fluctuating political and financial support.
- Research and Development: This chapter focuses on the research and development efforts aimed at improving the CO2 capture process and finding new technologies. It highlights examples like the CRMAX™ solvent and unconventional power generation systems.
- Demonstration: This chapter discusses the ongoing demonstration and development of CCS projects. It emphasizes the importance of examining the overall benefits against the costs and presents a study that analyzes the economic and societal benefits of CCS implementation in the UK.
Schlüsselwörter (Keywords)
The primary keywords and focus topics of this text include: Carbon Capture and Storage (CCS), climate change mitigation, CO2 emissions, research and development, demonstration projects, commercialization, economic challenges, policy considerations, societal benefits, and innovation path.
- Quote paper
- Peter Hinßen (Author), 2018, The Commercialization of Carbon Capture and Storage (CCS). Economic and Technological Challenges, Munich, GRIN Verlag, https://www.grin.com/document/500094