World Major Sequestration Planned Demonstration and Operational Project 2008

Carbon sequestration is the capture and storage of carbon dioxide in underground geological formations. Numerous carbon sequestration projects are in progress around the world. Major economies and oil and gas companies have already established a number of demonstration and commercial carbon sequestration facilities. The behaviour of carbon dioxide within geological formations is being continuously monitored to avoid risks due to leakage and to address other safety issues.

The European Commission’s (EC) Energy and Climate Change Package, the US Clean Energy and Security Act, the Australian Carbon Pollution Reduction Scheme (CPRS) and other policy initiatives by emerging and developing nations are driving the adoption of carbon sequestration projects globally. The support from non-governmental institutions, governmental organisations, academic institutions, power generation and oil and gas companies is also accelerating the implementation of these projects.

The regulations from developed countries have been the key drivers for the carbon capture and storage (CCS) projects. The major restraints for the CCS projects have always been the costs associated with the capital carbon capture and the risks associated with storage locations.

The major international regulations that are promoting the CCS projects are the Kyoto Protocol and the UN framework convention on climate change, which was signed by 140 countries. The major drivers within the US have been the Department of Energy’s carbon emissions monitoring and reporting, and EPA’s climate leaders programme and global climate change initiatives.

Major developed economies are investing in carbon sequestration to strengthen the climate change initiatives across the world. The US, Canada, the UK, Germany, Norway and Australia are the major countries boosting the carbon sequestration projects. In addition, the majority funding provided by the EC fortifies the projects’ progress. The new US Government’s climate change initiatives have revived the FutureGen project. This project was earlier postponed due to the government’s cancellation of fund support to this project. The UK is also investing heavily in carbon storage technologies. The country is also forming alliances with emerging geographies and investing to develop clean coal and energy-efficient technologies. The investments are in lieu of the carbon credits that can be traded to fight climate change globally.

Global carbon policy analysis: policy initiatives driving the growth of the carbon sequestration market.

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