Government Regulations are Driving the Development of Carbon Sequestration Projects Globally

Mumbai, India (PressExposure) August 21, 2009 -- Global Carbon Policy Analysis Policy Initiatives Driving the Growth of the Carbon Sequestration Market report ( [http://www.bharatbook.com/Market-Research-Reports/Global-Carbon-Policy-Analysis-Policy-Initiatives-Driving-the-Growth-of-the-Carbon-Sequestration-Market.html] ) provides an in-depth analysis on the policy initiatives by the European Union, US, Canada, Australia and other developed and developing economies. The report suggests investment decisions in carbon capture and storage (CCS) projects by providing trends and information on global carbon trading policies. It also provides an analysis on the current investments in CCS projects globally. In addition to this, the report discusses in detail the current CCS projects in progress and costs involved in carbon sequestration projects. Also covered are the investments by major oil and gas companies towards CCS projects.

Government Regulations are Driving the Development of Carbon Sequestration Projects Globally The major drivers for CCS projects are regulations to reduce carbon emissions from developed countries. Kyoto Protocol, Chicago Climate Change Policy, US DOE’s Carbon emissions monitoring and reporting, US EPA’s Climate Leader’s Program and Global Climate Change Initiatives and US’ Clean Energy and Security Act have driven CCS projects in the US. The EC’s regulations and incentives in the establishment of CCS projects and EU’s Emission Trading Standards have strengthened carbon sequestration in Europe. The Canadian governments’ support to reduce criticism on the highly polluting oil extraction from oil sands has driven CCS projects in this geography. Australia’s Carbon Pollution Reduction Scheme (CPRS) and the country’s ambitious targets to achieve Green House Gas (GHG) emissions reduction by 2020 have resulted in funding of numerous carbon sequestration projects in the geography. China’s coordination to work in conjunction with the EC especially the UK has driven several carbon emission reduction projects.

US’ Clean Energy and Security Act will accelerate the Investments in CCS Projects ‘US’ Clean Energy and Security Act 2009’ brings radical improvements to the existing environmental policy. The Act sets limitations to the GHG and Hydro Fluoro Carbon (HFC) emissions by various industries. The act provides incentives to automobile manufacturers to develop and foster energy-efficient and zero emission vehicles. US’ Department of Energy (DOE) will finance the projects undertaken by automobile manufacturers to produce vehicles with zero carbon emissions. The legislation’s Cap-and-Trade program defines GHGs and HFCs and sets limitations for emissions from various industries. The companies that do not adhere to the emissions targets will be required to pay carbon taxes based on the emissions. The legislation boosts the CCS programs by funding research and development undertaken by power generation companies. The Act promotes the establishment of the Carbon Storage Research Corporation which will annually evaluate the emissions by oil and gas and power generation companies. Upon the establishment of the research corporation yearly evaluations are compulsory and these will be included in federal budget.

The European Commission’s Commitment towards Reducing GHGs has accelerated the Deployment of CCS Projects Globally In June 2009, the EC published the revised directive of EU Emission Trading System (ETS) proposing a detailed climate energy legislative package. The package sets stringent targets for carbon emissions reduction. EU has promoted CCS projects by incentivizing power plants that are planning to modernize with integrated CCS facilities. EU has fixed the cap on distribution of excess carbon emission allowances to achieve emissions reduction ahead of 2020. This indirectly promotes deployment of CCS facilities. EU member states can partner with emerging nations to develop net zero emission plants and these investments can be traded with the emissions reduction. The European Commission has funded the majority share in all CCS projects initiated by EU.

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Press Release Submitted On: August 21, 2009 at 6:48 am
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