Economic and Time-Sensitive Issues Surrounding CCS: A Policy Analysis

Are the existing global policies on combating global warming via the carbon capture and storage (CCS) method significant enough to curtail the temperature rise on time? We argue that it is already too late to have any reliance on CCS. The current status of CCS is that it is plagued by technical uncertainties, infrastructure, financial, and regulatory issues. The technology is far from maturity and, hence, commercialization. Simulations conducted in this work suggest that the relevance of CCS is completely defied if the annual emission growth rate is in excess of 2% between the years of 2015 and 2040. At such a growth rate, the annual emissions reduction between 2040 and 2100 will need to be in the vicinity of 5.5% by the year 2100. Considering an average annual emissions growth rate of 2.5% over the past decade, it seems unlikely that the emissions could be contained to a 2% growth level. CCS in its current shape and form is at odds with the economics of its implementation and the time in hand with which to play a significant role in a carbon mitigation strategy. There is an urgent need to rethink policies and strategies to combat global warming to at least some degree.