Thursday, July 10, 2008

WCI Welcomes G8 Emphasis on Carbon Capture & Storage

LONDON – The World Coal Institute (WCI) welcomed G8 support for the role of technologies in tackling climate change, specifically the importance of carbon capture and storage (CCS) technology.

Milton Catelin, Chief Executive of WCI, congratulated G8 leaders on their commitment to tackling climate change, whilst emphasising the importance of sustainable economic development and energy security objectives.

 “G8 leaders have clearly acknowledged that we cannot tackle climate change without investment in and acceleration of clean energy technologies. G8 support of carbon capture and storage technology, in particular, is vital and the coal industry welcomes the positive statements from Hokkaido.”

 However, more is needed. Mr Catelin stated: “Governments should be under no illusions. A low carbon energy system - regardless of the technology – is more expensive than existing energy systems. Indeed, a low carbon energy system is even more expensive if CCS is excluded. But early investment in CCS saves money over the long run and, even more importantly, it speeds up our ability to make a significant difference in climate change mitigation.”

 “It is therefore essential that climate rhetoric is matched with action by investing more in CCS technology.

 The World Coal Institute has outlined ‘Five Key Steps Needed to Implement CCS’:

1. Government support for early commercial-scale CCS demonstration projects
2. Regulatory and policy clarity 
3. Inclusion of CCS in the Kyoto Protocol and National Emissions Trading Schemes 
4. Public education around the risks and benefits of CCS 

International cooperation on CCS 
 

 “As the International Energy Agency has repeatedly emphasised over the past few months, the deployment of CCS should be a “litmus” test for the seriousness of environmental negotiators dealing with the climate challenge. They have highlighted that without CCS, climate policy will not succeed.”

 “The commercial availability of CCS by 2020 will only be possible with the early deployment of multiple commercial-scale CCS demonstration plants. Public policy intervention in the form of additional financing mechanisms is required to address the higher costs associated with first-of-a-kind power plants. Benefits from CCS demonstration projects will accrue to the whole of society in the form of lower climate stabilisation costs,” said Mr Catelin.
Note : The World Coal Institute is a non-profit, non-governmental association of coal enterprises. It is the only international group working worldwide on behalf of the coal industry. The WCI is based in London, with member companies located worldwide - The Editor.



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