By Enersider Desk | New Delhi
Asian countries are considering carbon capture and storage (CCS) to address fossil fuel emissions, which could create a “considerable and unnecessary risk” not only to the Paris Agreement, but also to their own economies, according to a report released today by global science and policy institute Climate Analytics.
The study estimates that if these countries were to fully adopt CCS, it could result in an additional 25 billion tonnes of emissions by 2050. The analysis reviewed the current pipeline and prospective future deployment of CCS across China, India, Japan, Korea, Indonesia, Thailand, Malaysia, and Singapore, as well as, Australia, a key regional partner, (which has strong integration with Asian fossil fuel trade and CCS plans). Together, these countries make up more than half the world’s fossil fuel and greenhouse gas emissions.
While the fossil fuel industry and several governments continue to promote carbon capture and storage (CCS) as a key emissions reduction strategy, the report finds that the technology has largely failed to deliver on both technical and economic fronts.
The report further highlights that CCS projects have faced repeated operational failures, low carbon capture rates, and sky-rocketing costs. Meanwhile fossil fuel energy and industrial installations with CCS are becoming increasingly uncompetitive against more economic, cheaper and more sustainable mitigation options such as renewable energy coupled with storage and electrification.
“We find a strong possibility that Asian countries could increase their support for CCS through to 2050, risking a significant lock-in of unabated fossil fuels and stranded asset costs, let alone risks to the world achieving the Paris Agreement 1.5˚C warming limit,” said report lead author, Climate Analytics analyst James Bowen.
Deploying CCS in the power sector is estimated to produce a levelised cost of electricity up to at least twice that of renewables backed by storage. The report further highlights that while viable, low-risk alternatives already exist for hard-to-abate industries without having to resort to CCS, which is still not zero-emissions.
Countries like Japan and South Korea are offering strong financial and regulatory backing to CCS domestically and internationally, aiming to capture emerging technology markets. Meanwhile, Australia and several Southeast Asian nations are positioning themselves as carbon storage and transit hubs, to sustain fossil fuel production and revenues.
China and India have less clear CCS plans, but could potentially significantly pivot towards this technology, despite the lower cost and safer renewable transitions.
Addressing CCS as a risky strategy, CEO of Climate Analytics, Bill Hare commented,”Asia is at a crossroads: while these countries haven’t yet gone down a high CCS route, many have tailored their CCS policies to protect their fossil fuel industry, especially in Japan, South Korea and Australia.”
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