Rapid and drastic action is required to reduce carbon dioxide emissions to avoid serious consequences for the planet and mankind. Reducing CO2 emissions by 50% by 2050 requires a combination of energy efficiency improvements, marked increase in renewable energy sources, and carbon capture and storage (CCS).
Scientists estimate that carbon capture and storage can account for 19 per cent or almost one in every five tons of greenhouse gas emissions that are targeted to be eliminated by the year 2040. In other words, the amount of carbon dioxide eliminated during that time period would be equal to the entire global natural industry of today or some 100 trillion cubic feet of gas.
Source: IEA 2008
Components of CCS
There are three key components of carbon capture and storage.
- Capture of CO2. This is an industrial process with a clearly defined mandate to reduce the energy penalty associated with capture.
- Storage of CO2. This component is also defined clearly from the perspective of providing safe, long-term storage for CO2 in the subsurface.
- The third element is having the appropriate guidelines and standards in place for understanding the risks associated with subsurface storage. Significant work is needed in this area in order to reach the level of understanding and confidence needed by public, regulators, and CCS project developers. Only then can real progress be made towards implementing CCS on a large scale, worldwide.
IPAC-CO2 Provides a Critical Link
The realization of the emission reduction potential of CCS is dependant upon the safe and effective implementation of CO2 geological storage projects around the world. IPAC-CO2 is an essential link for achieving that goal.
The organization’s aim is to provide and advance global expertise in risk assessment on geological storage. IPAC-CO2 will facilitate and support a global scientific community working towards the development of best practices, standards and tools for the mitigation of risk in the geological storage of CO2. It will provide objective advice on geological storage to establish the confidence required by regulators and industry.