The Asian Development Bank is putting $2.2m into developing a road map for carbon capture and storage in China.
“There is an urgent need to fast-track the demonstration and deployment of carbon capture and storage in the China to cut CO2 emissions from the energy and industrial sectors and achieve the country’s long-term climate change mitigation goals,” said Annika Seiler, finance specialist for energy at the bank’s East Asia Department.
The bank will assist China in developing a detailed plan for a staged demonstration and deployment of CCS.
A comprehensive government-endorsed road map for CCS is expected to encourage more demonstration projects in China. The road map is intended to launch at least two large-scale CCS demonstration projects by 2016, with an installed capacity to capture at least 2 million tons of CO2 per year.
The bank is providing the $2.2m finance on a grant basis by the ADB-administered Carbon Capture and Storage Fund under the Clean Energy Financing Partnership Facility.