May 2019 - Clean Energy Ministerial CCUS Initiative and the Oil & Gas Climate Initiative agree to collaborate on speeding up CCUS
At a CEM-10 side-event yesterday, the CCUS Initiative and OGCI announced their intention to collaborate to accelerate CCUS. Speeding up CCUS requires government, industry, financial services and key stakeholders to work in partnership and put in place new investable business models, reaching agreement on the sharing of costs, risks and liabilities.
The CEM CCUS Initiative and OGCI support the global development of an economically viable CCUS industry and recognise that this will require strong public-private cooperation. The parties agree to explore ways to further their collaboration which may include:
- Identifying possible new strategic investment opportunities, in both OGCI and CEM CCUS countries and beyond, with emphasis on CCUS hubs and major “anchor projects” at commercial scale;
- Considering processes to collaborate to support the development of joint projects through the early stages, up to FEED stage, and further to FID as appropriate;
- Advancing CCUS globally by creating and fostering sustained dialogue on policy, regulatory and risk-sharing mechanisms and principles to support CCUS project development; and by sharing non-proprietary knowledge gained from projects;
- Accelerating the development of new and existing CCUS technologies and reducing costs.
Collaboration will take on different forms in different jurisdictions. The role of financial institutions should also be investigated, and financial institutions, whether commercial banks or development banks, should be encouraged to join the process. OGCI and CEM CCUS Initiative will establish a joint Task Group to explore this potential collaboration in further detail.