Many developing nations had previously rejected the idea of including CCS in the CDM, fearful it could draw investment away from renewable energy projects. But opposition to the inclusion of CCS appears to have softened and the final decision text agreed in Cancun calls for new rules governing how to measure the carbon savings from CCS projects to be finalised by the next UN-backed climate summit in Durban next year.
„This decision now paves the way for national governments to put in place adequate measurement, monitoring and verification regimes to give CCS projects a social licence to operate and ensures that the world can meet its abatement targets,” said Bob Pegler, European vice president at the Global CCS Institute. „As we know from the International Development Agency, CCS will deliver nearly 20 per cent of the required emissions abatement by 2050.
Alessandro Vitelli, a director of analysts Idea Carbon, told BusinessGreen that while the UN text calls for a final decision to be made by Durban, analysis of the factors around CCS could take up to four years to complete.
„It’s not as if we’ve fired a starting gun and developers are now racing to start these projects. It means more regulatory certainty, but between now and Certified Emission Reductions (CERs) from CCS there’s a long road to travel.”