Carbon Capture, Use and Storage Taskforce
Carbon Capture, Use and Storage (CCUS) is a set of technologies that are central to achieving a net-zero emissions economy. Recognising this, CCUS Task Force member organisations are committed to improving the understanding of CCUS technologies, accelerating their deployment and the development of demand for carbon dioxide abatement and removal services with a focus on supporting customers to address their emission profiles.
The CCUS Task Force operates as an industry sub-group of the SMI, and is chaired by Brad Page, Chief Executive of the Global CCS Institute. Its members are drawn from across a range of industries and companies, including, Bank of America, BHP, BP, Carbon Clean, Drax, 8 Rivers Capital, HSBC, Macquarie, Shell, Société Générale, and Storegga.
Latest news from the CCUS Taskforce
The members of the CCUS Taskforce propose a new framework for carbon reporting and policy instruments that aims to create and mobilise demand for CO2 abatement and removal services as an enabler to net zero. This introduces the concept of a new asset class - Carbon Storage Unit (CSU), that allows the benefits of storing CO2 to be attributed appropriately and uniquely to those activities which can drive to Net Zero. The framework also introduces the concept of a Carbon Storage Obligation (CSO) and how it can be implemented.
Letter of Intent
At His Royal Highness The Prince of Wales’ invitation, executives from a range of companies have come together as members of the Sustainable Markets Initiative’s (SMI) Carbon Capture Use and Storage Task Force (CCUS Task Force) to work on meaningful and actionable plans to help accelerate the world’s transition to a sustainable future.
HRH launched the SMI at the World Economic Forum’s annual meeting in Davos in January 2020. The SMI is a network of global business leaders and others committed to creating truly sustainable markets through the integration of natural, social, and financial capital. A crucial element of the SMI’s work is to help shape responsible transition pathways to decarbonise economies, support Nature-positive solutions and achieve net-zero greenhouse gas (GHG) emissions by the second half of the century, in line with the Paris Agreement.
CCUS is a set of technologies that are central to achieving a net-zero emissions economy. Recognising this, CCUS Task Force member organisations are committed to improving the understanding of CCUS technologies, accelerating their deployment and the development of demand for carbon dioxide abatement and removal services with a focus on supporting customers to address their emission profiles.
The CCUS Task Force has as its challenge to address what is required for industry to achieve the 100-fold increase in CCUS deployment for it to play its modelled role in climate change action by 2050 or sooner. To do this it is progressing work to:
Support the mobilisation of demand for abatement and carbon dioxide removal services using CCUS, including through the development of innovative markets, engaging with sectors needing abatement services and carbon dioxide removal for historical emissions, and financing for customers to implement CCUS.
Effectively communicate the role and need for CCUS in achieving net zero emissions and Paris Agreement temperature targets; especially to dispel myths and misunderstandings about the role of CCUS in addressing climate change.
Explore how to more quickly develop affordable climate and environmentally friendly future fuels and products including identifying how to enliven the demand for these fuels and products in preference to carbon intensive options.
Identify and engage with CCUS projects to support them achieving positive final investment decisions, through knowledge sharing and using their experiences to inform other work of the CCUS Task Force
The CCUS Task Force has committed to progress the work so that action plans can be developed and released progressively ahead of COP26. Integral to this is coordinating with other SMI Task Forces where topics of common interest are apparent.
HRH The Prince of Wales
The climate action efforts we’re seeing globally, while encouraging, are not enough. The sooner we include Carbon Capture Use and Storage technologies into the fold of wide-spread decarbonisation initiatives, the more likely we will be able achieve Paris Agreement climate targets and get to net zero emissions.
Brad Page, Chairman of the CCUS Task Force and CEO of the Global CCS Institute
The evidence is overwhelming that time is not on our side if we are to arrest climate change and set the world on a sustainable development pathway. We need to act with urgency, recognising that technology is available today to solve the emissions problems. For many technologies, including CCUS, there remains work to be done to deploy them at scale and quickly. Delaying this in hope of better solutions will exacerbate the problem and make the carbon dioxide removal task even bigger in coming years.