The Climate Group partners on Global Carbon Capture and Storage Institute
- 27 November 2008
The Australian government has named The Climate Group as one of the first founding members of its Global Carbon Capture and Storage Institute (GCCSI) - a AU$100 million a year initiative of the Australian Government with the objective of creating 20 large-scale carbon capture and storage (CCS) demonstration projects by 2020 and commercial deployment of CCS thereafter.
Speaking at a Climate Group event in New York this September, Australian Prime Minister Kevin Rudd said, "We think it is time to have a one-stop shop for CCS, an integrated approach on where to go for information, research, technology and knowledge. We see this as a global initiative, an open-source approach and are inviting direct participation from the international business community and government."
Earlier this year, a joint report published by The Climate Group and former UK Prime Minister Tony Blair clearly identified the need to accelerate large-scale commercial implementation of CCS through public-private investment.
Tony Blair said, "The vast majority of new power stations in China and India will be coal fired; not "may be coal fired"; will be. So developing carbon capture and storage technology is not optional, it is literally the essence."
CCS is a critical component of any effective global mitigation technology portfolio. In the short to medium term (the next 40-50 years), its development and wide deployment is necessary to mitigate emissions from existing and new gas and coal fired power plants and heavy industrial processes around the world.
Steve Howard, CEO, The Climate Group, said, "Without CCS, achieving global targets for emission reductions in the short term will be challenging. The technology is largely there, but needs to be proven at scale. We are delighted form part of the Australian led coalition to work on how we can accelerate the deployment of CCS, which is now a critical and urgent priority."
The GCCSI will support a global portfolio of 20 large-scale CCS demonstration projects in order to speed up the process of learning-by-doing on how best to develop integrated CCS projects at scale. Although the technology is largely proven, the process of putting all three elements of a large-scale CCS project together (capture, transport and storage) and, importantly, in various forms (different types of technology, geological storage options, commercial structures, etc) is extremely important in order to bring much needed certainty about the commercial viability of CCS, as well as the scale of the funding challenge, the costs and the skills that will be required to bring this technology on line.
Other founding members of the GCCSI include Alstom, Anglo American, Mitsubishi Corporation, Rio Tinto Ltd, Services Petroliers Schlumberger, Shell International Petroleum and Xstrata Coal.