An Oxford University-led report from the Smith School of Enterprise and Environment highlights the significant economic damage associated with overreliance on carbon capture and storage (CCS) in achieving Net Zero goals.
CCS Economics
Researchers caution that a high-CCS approach in the oil and gas sector, capable of addressing half of current emissions, could incur an extra $30 trillion by 2050 compared to a low-CCS method tackling a tenth of current emissions.
They propose a low-CCS scenario that could mitigate 4.4 GtCO2 by 2050, contrasting with the high-CCS scenario targeting 19.2 GtCO2. Presently, global CO2 capture stands at 49 MtCO2 annually, as per 2022 data provided by the researchers.
Strategy and Pathway
A low-CCS pathway to Net Zero emissions from 2021 to 2050 could save around $1 trillion annually, potentially underestimating the cost disparity between approaches. Richard Black, the study’s author from Imperial College London, advocates targeting CCS in sectors where it’s most needed due to its likely scarcity.
He argues against a broad CCS rollout, urging governments to focus on renewable energy, efficiency, and clean electrification, which offer greater feasibility, lower sustainability risks, and reduced costs to achieve net-zero and Paris Agreement goals.
Implications and Impact
Low-CCS pathways for energy crops require 1.3 million sq km less land on average, potentially impacting food and water security due to biomass reliance tied with CCS.
Andrea Bacilieri from The University of Oxford highlights risks to human rights, biodiversity, and ecosystems. Currently, 41 operational CCS projects exist globally, with 29 linked to Enhanced Oil Recovery. In 2022, nine new projects joined, and 351 are in the pipeline for future implementation.
CCS Dynamics
