Public-private collaboration essential for carbon capture: CEM CCUS Initiative and Oil and Gas Climate Initiative to drive strategic investment
Monday 23 September 2019
The Clean Energy Ministerial Carbon Capture, Utilization and Storage Initiative countries and members of the Oil and Gas Climate Initiative (OGCI) today reaffirm their intent to catalyse and facilitate the launch of an economically viable, environmentally responsible and safe CCUS industry worldwide.
Industry CEOs and senior representatives of CEM CCUS Initiative countries meet today during OGCI’s annual stakeholder dialogue event in New York, during the New York Climate Week, recognising the need for strong public-private co-operation.
CEM CCUS Initiative countries and OGCI member companies intend to explore opportunities to support the commercial development of CCUS through the various stages of development. This will notably include sustained dialogue on policy and regulatory frameworks, aiming for commerciality of identified hubs and projects. This could also consider, as appropriate, mechanisms for risk management at each operational phase, knowledge sharing, storage appraisal activities, corporate and project finance and engagement with civil society.
In a joint statement, the heads of the OGCI member companies said: “Investment in CCUS must be scaled-up urgently to support achieving global climate and energy goals and the Paris agreement. This collaboration represents a unique and necessary opportunity to bring governments and industries together to help create viable market conditions to advance CCUS and its contribution towards a net zero economy. CEM CCUS Initiative countries and industry members within OGCI intend to bring their respective expertise and support to advance CCUS development and deployment across the globe.”
In a joint statement, the CEM CCUS Initiative countries said: “Governments within the CEM CCUS Initiative stress the need for close collaboration with key industries to accelerate carbon capture. CCUS technologies are well-known, but the speed of deployment is nowhere near where it should be. Accelerating CCUS requires seamless public-private cooperation and we are looking forward to driving forward strategic CCUS hubs and projects with OGCI.”
This joint declaration will have significant synergies with the OGCI “Kickstarter” initiative, which is designed to unlock large-scale commercial investment in CCUS by enabling multiple low-carbon industrial hubs. There are already five hubs under evaluation by OGCI member companies, located in the UK, Norway, the Netherlands, United States and China, which would capture carbon dioxide from several industrial companies and bring economies of scale by sharing transport and storage infrastructure.
Read the full statement here.