News and Views Back

Addressing CO2 Emissions in Asia: CCUS Network Launched

Energy

Addressing CO2 Emissions in Asia: CCUS Network Launched

Jakarta, 22 June 2021: Prof Hidetoshi Nishimura, President of Economic Research Institute for ASEAN and East Asia (ERIA), jointly with Mr Hiroshi Kajiyama, Minister of Economy, Trade and Industry of Japan (METI), announced the launch of the Asia CCUS Network - an international industry-academia-government platform for knowledge sharing and improvement of the business environment for utilization of carbon capture, utilization, and storage (CCUS) throughout the Asia region. Thirteen EAS member countries and more than 100 companies, research institutions, and international organizations have so far expressed their intention to participate in the network.

According to the International Energy Agency (IEA), CCUS may account for nearly 15% of the cumulative reduction in global emissions to achieve carbon neutrality. According to the Global CCS Institute, each of the ASEAN countries has storage capacity of over 10 billion tons. Furthermore, 'The opportunity for CCUS in Southeast Asia', a special report recently released by the IEA in April, states that CCUS will play a significant role in the Southeast Asian region, where demand for fossil fuels will remain high. CCUS is expected to capture around 35 million tons in 2030, over 300 million tons in 2050, and over 600 million tons in 2070.  To achieve this level of CCUS deployment requires an estimated investment of more than US$1.2 billion per year until 2030.

To address these challenges, METI and ERIA launched the Asia CCUS Network at a special forum on June 22 and 23, 2021. This forum provided the most up-to-date information about countries that have already started CCUS demonstration projects including the United States, Australia, Japan, and the Republic of Korea. With government support and the involvement of all stakeholders, CCUS technology can become commercially viable and scalable and therefore attract investment from private companies around the world.

In his keynote address, Prof Hidetoshi Nishimura reiterated the vision of the Asia CCUS Network that aims to contribute to the decarbonisation of emissions in Asia through collaboration and cooperation on development and deployment of CCUS. The mission of this network is to facilitate deployment of CCUS through (i) promoting knowledge sharing through holding an annual forum, conferences, workshops, and meetings; (ii) conducting research studies on technical, economical, and legal standards of CCUS in the EAS region; and (iii) holding capacity building training workshops to bridge the knowledge gap on CCUS.  Prof Nishimura also added that the Asia CCUS Network Forum provides opportunities for countries in the region to collaborate on low emission technology that will help to build countries’ capability to lower the cost of CCUS.

During the discussions, three key issues were raised by policymakers and experts about the development and deployment of CCUS technology. First, there is a need for countries to create a favourable policy environment to facilitate the development and deployment of CCUS, especially about the development of a CCUS business model that private companies will need to invest in. Second, it is very important that countries will collaborate to build the CCUS value chain in terms of matching emissions, transportation, and storage capacity. Third, the price of CCUS technology will need to come down to a level that can be afforded by many countries.

The forum was attended by  honourable Ministers from Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Philippines (proxy), Singapore, Thailand (proxy), Australia, and the United States who expressed their congratulations for the launch of the Asian CCUS Network. They also sent a strong supporting message to the leadership of METI and ERIA for setting up the Asia CCUS Network Forum. It will serve as a platform for collaboration on low emission technology that will eventually accelerate the deployment of CCUS to achieve carbon neutrality in Asia.

 

Day 1 - 22 June 2021: Launching Session 

Day 2 - 23 June 2021

Related Links:

Date

29 June 2021

Category

News

Share this article:

Related Articles

Efforts begin toward development of carbon capture, utilisation, and storage (CCUS) in Asia

Efforts begin toward development of carbon capture, utilisation, and storage (CCUS) in Asia

22 June 2021

‘Asia CCUS Network’ has launched: Efforts begin toward development of carbon capture, utilisation, and storage (CCUS) in Asia "On 22 June, Prof Hidetoshi …

The Future of Hydrogen in East Asia

The Future of Hydrogen in East Asia

13 April 2021

Jakarta, 13 April 2021: The Economic Research Institute for ASEAN and East Asia (ERIA) hosted a press conference on the key role that hydrogen will …

CHOOSE FILTER
Loading Loading