Touted by United Nations(1) as a necessary and ready-to-go technology in the urgency to mitigate climate change, carbon capture and storage (CCS or CCUS) will be widely profiled and discussed at this week’s Clean Energy Ministerial (CEM). CEM is a global gathering of international energy ministers with the common goal to advance clean energy technology, to share lessons learned and best practices, and to encourage the transition to a global clean energy economy.
During CEM, CCS will be championed by the likes of Rick Perry, the US Secretary of Energy; Fatih Birol the head of the International Energy Agency; Michal Krutyka the Minister of Energy for Poland and President of COP24; among others in two primary events on Wednesday May 29th at the Vancouver Convention Centre.
Internationally there is recognition that definitive action is needed to support the world’s ability to tackle the climate crisis. Large-scale CCS is action that facilitates deep cuts in greenhouse gas emissions (GHGs). The International CCS Knowledge Centre spearheads the open sharing of CCS best practices, globally. With the hosting of a high-level panel discussion on cost and risk reduction, the offering of a pavilion dedicated to CCS at CEM’s Innovation Showcase, as well as a tour of SaskPower’s Boundary Dam 3 CCS Facility in Saskatchewan, Canada for delegates on the heels of CEM, the International CCS Knowledge Centre is underscoring that if the world is serious about emission reduction, then it better be serious about CCS.
Despite its proven success and accessibility, CCS has suffered a perception of high cost and thus lack of investment. With the advent of innovation toward second generation(2) in the technology, costs are shown to plummet by 67%, per tonne of carbon dioxide (CO(2)) captured, opening opportunities for investment. During CEM, CCS events will have a focus on the key conditions needed to attract financing for the next wave of CCS projects.
CEM’s designated CCUS Initiative kicks off the discussions on CCS with a ministerial session, titled: Accelerating CCUS Together – Financing a key piece of the clean energy puzzle. This will be followed by an in-depth exploration of hurdles and possibilities in a panel discussion co-hosted by the International CCS Knowledge Centre and ClearPath, titled: Advancing CCUS – A Deep Dive on Cost & Risk Reductions.
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“At the International CCS Knowledge Centre, we are proud to showcase CCS for its critical role in reducing GHGs in a way that actively supports global climate goals as well as helps ensure stable economies. CCS is proven, reliable and now cheaper. It is ready and designed for the world.”
