Comprehensive CCUS Research Report: Storage, Value Chain, Policy & Regulation and Financing
Date:
20 September 2024Category:
EnergyType:
Research Project ReportsTags:
energy, CCUS, policies, regulation, financing, ASEANPrint Article:
Carbon Capture, Utilisation, and Storage (CCUS) is a crucial technology for achieving carbon neutrality in the Asia region by 2050–2070. While many CCUS projects are currently underway globally, most are focused on Enhanced Oil Recovery (EOR) and Enhanced Gas Recovery (EOG), primarily led by international oil companies (IOCs) such as BP (British Petroleum). Additionally, some Carbon Capture and Storage (CCS) projects are supported through public financing.
To transition CCS projects to a commercial basis in the Asia region, particularly in Southeast Asia, several key issues need to be addressed:
- Potential CO2 storage capacity,
- Legal and policy frameworks,
- Financial frameworks, and
- The CO2 value chain, which connects CO2-emitting countries with CO2-storing nations.
The Economic Research Institute for ASEAN and East Asia (ERIA) commissioned the Global CCS Institute (GCCSI) to study these four critical areas, leveraging GCCSI’s extensive experience and expertise in CCS and CCUS.
This report highlights:
- The significant CO2 storage capacity in the ASEAN region,
- The need for appropriate and regionally harmonised CCUS regulations,
- The development of financing mechanisms, especially through public–private partnerships like the Joint Credit Mechanism (JCM), and
- The establishment of an institution to support cross-border CO2 trade within the Asia region.
