A proposed methodology for CO2 capture and storage cost estimates

Abstract

There are significant differences in the methods employed by various organizations to estimate the cost of carbon capture and storage (CCS) systems for fossil fuel power plants. Such differences often are not apparent in publicly reported CCS cost estimates, and thus contribute to misunderstanding, confusion, and mis-representation of CCS cost information, especially among audiences not familiar with the details of CCS costing. Given the international importance of CCS as an option for climate change mitigation, efforts to harmonize methods of estimating CCS costs and improving the communication of cost assumptions and results are especially urgent and timely. Based on an analysis of current deficiencies, this paper recommends a common costing methodology plus guidelines for CCS cost reporting to improve the clarity and consistency of cost estimates for greenhouse gas mitigation measures.