CCS: the Innovation Fund and beyond
The paper presents IOGP’s views on the role of CCS and some features to be taken into consideration for building a well-functioning Innovation Fund.
The document also highlights some key technology challenges for the future of CCS.
- The oil and gas industry is well placed to help CCS deployment
- CCS can play an important role in securing a stable, flexible and low-emissions power mix
- CCS can contribute in delivering low carbon products like steel, cement, chemicals
- R&D and focused support from the Commission and Member States are required to enable investment in full scale CCS projects
- The ETS Innovation Fund should benefit CCS as well as promising low-carbon technologies
Why Does it Matter?
To facilitate the energy transition, we believe that a number of gas technologies should be qualified as sustainable assets and financial products and therefore should benefit from R&D&I programmes. In particular, natural gas will have a significant role in the low-carbon economy. Applied to CCS this translates into less CO2 to capture, transport and store. Moreover, gas has the potential to be converted into hydrogen and CO2 which would be then captured through CCS.