A group who advises the European Commission on carbon capture and storage has come up with an action plan aimed at developing the technology’s prospects in the EU.
With investment remaining low, the Zero Emissions Platformà‚ (ZEP) has presented an action plan that includes CCS hubs, straddling industries and even national borders, to allow economies of scale.
“Without CCS, the cost of decarbonising the power sector could be €2 to €4 trillion higher and some energy-intensive industries would not be able to decarbonise at all,” ZEP said in the plan published on Wednesday.
“CCS lends itself to being developed across clusters of emitters and using clusters of stores.”
ZEP’s modelling found CCS could reduce the cost of European power by 20 to 50 per cent by 2050 by allowing existing gas and coal plants to function longer, while investing in renewable alternatives is still costly and too intermittent to provide reliable baseload.
ZEP brings together companies such as Shell, Total, BP and Statoil. But four utilities, including Germany’s RWE and Sweden’s Vattenfall quit the platform, saying CCS was too costly.
As part of its latest EU carbon market reforms, the Commission has proposed an innovation fund, which could cover CCS and other low carbon technology.
[bc_video account_id=”” player_id=”” video_id=””]