Carbon Capture Storage agreement expected in Durban
Investment in Carbon Capture Storage (CCS) for developed and least developed nations took a giant leap forward yesterday, after technical experts finally agreed how to facilitate investment in the low-carbon technology.
The accord will now be put before governments gathering in Durban for COP 17, with a final decision in favor of the agreement expected on Friday.
Talks between CCS specialists have been ongoing for over a decade, with progress continually being hindered by concerns related to the technical aspects of the technology. However, Frederic Hauge, President of the Bellona Foundation, seems confident that a deal can officially be agreed. “Parties are very close to an agreement and this is an encouraging development,” he said.
At last year’s climate change negotiations in Cancun, Mexico, governments made the decision to allow projects related to the use of CCS technology to receive offsets under the Kyoto Protocol’s Clean Development Mechanism (CSM), under the condition that these technical issues were resolved. According to a draft copy of the agreement gathered by Bellona, Durban now recognizes that CCS “is a relevant technology for the attainment of the ultimate goal of the Convention and may be part of a range of potential options for mitigating greenhouse gas emissions.”
To limit the warming of the earth’s temperature by a maximum of 2C, it is widely regarded that global emissions of greenhouse gases need to be reduced by at least 50% by 2050, compared to those levels experienced in 1990. To achieve this ambitious goal the role of CCS in the reduction of carbon emissions could be vital. By implementing CCS projects in both industrialised and developing nations it is hoped that it can provide a more sustainable and economic environment for the smooth transition away from our reliance of fossil fuels. The inclusion of CCS technology in the CDM therefore cannot be understated, say Bellona.
Images: Climate Action Stock Photos