14 June 2010: In preparation for the G8 Summit to be held in Muskoka, Canada, on 25-26 June 2010, the International Energy Agency (IEA) together with the Carbon Sequestration Leadership Forum (CSLF) have published a report titled “Carbon Capture and Storage: Progress and Next Steps.” The report follows up on the IEA’s mandate from the 2005 G8 summit in Gleneagles to explore short term opportunities in carbon capture and storage (CCS).
The report bases its analysis on the G8’s commitment to realize broad CCS deployment by 2020, which will require about 100 CCS plants globally, divided evenly between developed and developing countries. The report looks specifically at progress and future needs in eight recommendation areas: demonstrating CCS; international cooperation; bridging the financial gap for demonstration; creating value for carbon for CCS commercialization; legal and regulatory frameworks; communicating with the public; infrastructure; and retrofitting with CCS.
The report concludes that, although strong momentum has built up in the CCS industry over the past two years, with over US$26 billion in government monies having been globally made available to date, significant hurdles remain in meeting the G8’s stated commitment in nearly all areas investigated in the report. [The Report]