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Moving towards Sustainability —— Carbon Reduction Technology Industry

Thursday, January 01, 2015

Newer technologies have emerged from collaborations between different entities such as universities, governments and private organizations due to the political interest in reducing carbon emissions, which have encouraged new innovations. Although some of the CCS projects are progressing, the pace is too slow to ensure the technologies´ contribution in climate change mitigation. There are insufficient policies by the government such as providing incentives for retrofitting existing power generation plants. Without sufficient policies to attract private entities, there are difficulties in creating economic or market conditions aligned with the vision to broaden CCS demonstration and deployment. CCS technology and deployment should be given equal importance as other clean energy technologies such as renewable energy, and in terms of global climate change policy. An emerging trend will be the development of more specialized enzymes and membranes to be utilized for CCS to meet specific and complex needs of the industry such as sequestration of industrial carbon emission and neutralizing CO2 to create commercial byproducts. Countries in Asia, particularly China, show an increased interest in developing carbon capture resolutions due to the rapid industrialization, which incur high demands of energy that resulted in power plant expansions. Ultra-supercritical technology and integrated gasification combined cycle will still be favorable options in reducing carbon emissions due to increasing demands of global electricity by 2030, which will lead to additional needs of highly efficient coal-fired power plants. In order to drive private financing of CCS projects, financial support mechanisms and early deployment are being introduced. Implementation of policies that encourage storage exploration, characterization and development for CCS projects. Development of national laws and regulations as well as provisions for multilateral finance that effectively require newly built fossil-fuel power generation to be CCS-ready. Prove capture systems at pilot scale in industrial applications where CO2 capture has not yet been demonstrated. Significantly increase efforts to improve understanding of CCS technology and the importance of its deployment among the public and stakeholders. Introduce incentives to reduce the cost of electricity from power plants equipped with capture through continued technology development and use of highest possible efficiency power generation cycles. Encourage efficient development of CO2 transport infrastructure by anticipating locations of future demand centres and future volumes of CO2. (Live PR)

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