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

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

 ‘Asia CCUS Network’ has launched: Efforts begin toward development of carbon capture, utilisation, and storage (CCUS) in Asia 

"On 22 June, Prof Hidetoshi Nishimura, President of Economic Research Institute for ASEAN and East Asia, jointly with Mr Hiroshi Kajiyama, Minister of Economy, Trade and Industry of Japan, attended the 1st Asia CCUS Network Forum and announced the launch of ‘the Asia CCUS Network’, which is an international industry–academia–government platform aimed at knowledge sharing and improvement of the business environment for utilisation of carbon capture, utilisation, and storage (CCUS) throughout the Asia region. Thirteen East Asia Summit (EAS) member countries and more than 100 companies, research institutions, and international organisations have so far expressed their intention to participate in the network"

1Outline of ‘the Asia CCUS Network’

According to the International Energy Agency (IEA), CCUS technologies will play in putting the world on a path to net-zero emissions, contributing more than 10% of cumulative emissions reductions globally to 2050. According to the Global CCS Institute, each ASEAN country has storage capacity of over 10 billion tons. Furthermore, ‘Carbon Capture, Utilisation and Storage: The opportunity for CCUS in Southeast Asia’, a special report recently released by the IEA on 22 April, states that CCUS will play a significant role in the Southeast Asian region, where demand for fossil fuels will remain high. In the ASEAN region CCUS is expected to capture around 35 million tons in 2030, and will need to exceed 200 million tons by 2050. To achieve this level of CCUS deployment, it is estimated that by 2030 investment of more than US$1.0 billion per year is required.

In this context, the Ministry of Economy, Trade and Industry (METI) and the Economic Research Institute for ASEAN and East Asia (ERIA) is holding ‘the 1st Asia CCUS Network Forum’ on 22 and 23 June 2021. On 22 June, Minister Kajiyama and President Nishimura announced the launch of the ‘Asia CCUS Network’ as an international industry–academia–government platform aimed at knowledge sharing and improvement of the business environment for the utilisation of CCUS throughout the Asian region at the opening session of the forum. It was also announced that 13 countries (all ASEAN member countries, the United States, Australia, and Japan) and more than 100 international organisations, companies, financial and research institutions that share the vision of CCUS development throughout the Asian region have expressed their intention to participate in its activities.

In his keynote address, Prof Hidetoshi Nishimura took this special opportunity to reiterate 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 work and collaborate together on the low emission technology partnership that will eventually help to build countries’ capability to lower the cost of CCUS technology and its deployment through collaboration of research and innovation. Key messages and discussions have highlighted the need to accelerate the development and deployment of CCUS technologies.

This forum provides the most up-to-date information about countries around the world as well as countries in our region that have already started CCUS demonstration projects. Some countries in EAS region such as the United States, Australia, Japan, and the Republic of Korea have already started CCUS demonstration projects, and are actively working on the modalities of the future deployment of this technology.

With government support and the involvement of all stakeholders, it is possible thatCCUS technology will become commercially viable and scalable and therefore attract investment from private companies around the world. CCUS technology is expected to play big role in achieving net zero emission. The International Energy Agency (IEA) estimated that almost half of the global emission reduction will need to come from technologies such as CCUS to achieve global carbon neutrality.

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 CCUS technology cost will need to come down to a level that can be afforded by many countries.

At this forum, honourable Ministers from Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Philippines (proxy), Singapore, Thailand (proxy), Australia, and the United States attended the ministerial session and expressed their congratulations on 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 cooperation and collaboration on low emission technology partnerships that will eventually accelerate the deployment of CCUS to achieve carbon neutrality in the foreseeable future.

On the second day session on 23 June, not only Japan's CCUS initiatives but also the future work plan of the Asia CCUS Network will be presented. In addition, participants from government, international organisations, the private sector, and financial institutions will discuss how to stimulate investment and financing for CCUS.

Video of the Main Participants

Day 2 - 23 June 2021

Related material

The First Asia CCUS Network Forum 

Related link

Date

22 June 2021

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