Monday, December 19, 2011

Carbon Capture and Storage (CCS) included in United Nations’ Clean Development Mechanism (CDM)

One of the items negotiated on the final day of the recent United Nations Framework Convention on Climate Change talks in Durban was the inclusion of carbon capture and storage as an authorized method for offsetting carbon emissions under the United Nations’ Clean Development Mechanism. The decision is considered as a potential door-opener for developing nations to gain access to financing for CCS projects, according to CCS experts. “The inclusion of CCS in the CDM is a milestone step in recognizing the critical role that CCS can play in reducing emissions and achieving climate change targets,” said Global CCS Institute CEO Brad Page. “It sets an important precedent for the inclusion of CCS into other financing and technology support mechanisms and establishes a benchmark for managing CCS projects in developing countries.” Page added, “this is a critical development, given that many CCS projects in coming decades will have to be in developing countries if we are to meet climate targets, yet until now there had been no ready access to capital for the development of such projects.”

Source: (in part) Climate Change Business Journal

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