CCS industry responds to global support program
In an address to delegates attending the World Future Energy Summit in Abu Dhabi, the Global Carbon Capture and Storage (CCS) Institute’s CEO Nick Otter announced that it had received over 50 applications for its Project Funding and Support Program. The applications received represent more than AU$500m in assistance sought from CCS project proponents across the world.
The head of the initiative to accelerate the worldwide commercial deployment of at-scale CCS told a gathering of world leaders, policy makers, experts and investors from over 100 countries that the strong response to its Project Funding and Support Program demonstrated that support is needed for CCS projects around the world and that it is needed now.
“Today’s CCS projects are tackling real barriers capable of preventing their commercial deployment. Our approach to address these barriers, through providing expertise and funding, has the potential to significantly contribute to the large-scale deployment of CCS and, in doing so, provide real solutions for today's climate and energy challenges,” said Nick Otter.
More than 30% of applications received by the Global CCS Institute were from projects based in Europe, while over 20% of project proponents were located in North America. The remaining applications are spread across Asia, Australia and New Zealand, the Middle East and North Africa.
Applicants to the program represent a broad range of industries, including power suppliers, oil and gas companies, engineering firms, technology companies, geological surveyors and other heavy industries.
Funding has been sought for all stages of the CO2 value chain, including the application of innovative capture solutions, the characterisation of suitable storage sites and the development of a multi-user pipeline network.
The program will provide approximately AU$50m annually for direct support of large-scale CCS projects around the world, assisting them to move through the critical stages of project development, towards operation. The program is focused on removing barriers facing specific projects, as well as assisting with delivering regulatory frameworks that enable quicker deployment and linking potential project partners and investors. While the Global CCS Institute will receive applications for its Project Funding and Support Program on an ongoing basis, the initial successful applicants are expected to be announced in May of this year.
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