Energy economics: The case of emission markets

Limits to Paris compatibility of CO2 capture and utilization

Objectives: To examine and validate the investment in Carbon Capture and Storage technology for the production process in an inventory model, focusing on reducing carbon emissions while enhancing sustainable practices. Methods: An economic production quantity model along with greenhouse gas and wastewater emissions is formulated under two scenarios: (i) a sustainable model with Carbon Capture and Storage technology, and (ii) a model without Carbon Capture and Storage technology. Secondary data from Hui Ming Wee’s research are used to illustrate the efficiency of the proposed model. Lagrangian method is applied to determine the optimal solution of the problem. Findings: The proposed model was solved using the given methodology, and the overall cost of the industrial enterprise with Carbon Capture and Storage technology is $27,393,962 whereas the overall cost of the manufacturing industry without Carbon Capture and Storage technology is $30,044,797. This demonstrates that the sustainable economic production quantity model performs better than the traditional one. Novelty: Carbon Capture and Storage technology has been implemented, and its efficiency has been examined in an economic production quantity model, whereas earlier researches mostly focused on other green technologies. 2020 Mathematics Subject Classification: 90B05. Keywords: Carbon Capture And Storage Technology, Carbon Emission, Economic Production Quantity Model, Inventory, Sustainability

Rapid industrialization and urbanization in the 20th century have led to increasing volumes of carbon dioxide being released into the atmosphere[...]

In response to the growing demand of reducing greenhouse gas (GHG) emissions within maritime sector, Onboard Carbon Capture and Storage (OCCS) technologies provide as key solutions for tackling carbon dioxide (CO2) emissions from ships. This review paper offers a comprehensive overview of recent developments, challenges, and prospects of Carbon Capture and Storage (CCS) technologies considering specifically for onboard ship applications. Various Carbon Capture (CC) methods, ranging from post-combustion and pre-combustion capture to oxy-fuel combustion, are critically analysed concerning their operating principles, advantages, disadvantages and applicability in the maritime context. Temporary onboard CO2 storage is examined in its gaseous, supercritical, solid, and liquid states. In this regard, solid and liquid forms are found promising, although solid storage is not yet commercially mature. The review also addresses the challenges in implementing the CC technologies on ships, including space constraints, energy requirements, safety concerns, and economic viability. A comparative assessment is conducted to determine the most promising OCCS technologies. The study finds that post-combustion CC by chemical absorption requires more space than cryogenic and membrane separation, with the latter two deemed viable options, albeit with trade-offs in energy consumption and cost. The study would provide valuable insights and ideas for further research in the field of OCCS technologies.

Carbon dioxide (CO2) emissions are a serious hazard to human life and the ecosystem. This is the reason that many measures have been put in place by the International Energy Agency (IEA) to reduce the anthropogenic-derived CO2 concentration in the atmosphere. Today, the potential of renewable energy sources has led to an increased interest in investment in carbon capture and storage technologies worldwide. The aim of this paper is to investigate state-of-the-art carbon capture and storage (CCS) technologies and their derivations for the identification of effective methods during the implementation of evidence-based energy policies. To this extent, this study reviews the current methods in three concepts: post-combustion; pre-combustion; and oxy-fuel combustion processes. The objective of this study is to explore the knowledge gap in recent carbon capture methods and provide a comparison between the most influential methods with high potential to aid in carbon capture. The study presents the importance of using all available technologies during the post-combustion process. To accomplish this, an ontological approach was adopted to analyze the feasibility of the CCS technologies available on the market. The study findings demonstrate that priority should be given to the applicability of certain methods for both industrial and domestic applications. On the contrary, the study also suggests that using the post-combustion method has the greatest potential, whereas other studies recommend the efficiency of the oxy-fuel process. Furthermore, the study findings also highlight the importance of using life cycle assessment (LCA) methods for the implementation of carbon capture technologies in buildings. This study contributes to the energy policy design related to carbon capture technologies in buildings.

This work was supported by the Korea Institute of Energy Technology Evaluation and Planning(KETEP) and the Ministry of Trade, Industry & Energy(MOTIE) of the Republic of Korea (20214710100040,CCUS 법률안 정비 및 수용성을 포함한 제도적 기반 구축). Many problems are appearing due to climate disasters or global warming. Therefore, many countries are moving towards ‘net zero’ policy by setting greenhouse gas reduction targets. Korea is also responding to the climate crisis by enacting the Carbon Neutral and Green Growth Framework Act (so called the Carbon Neutral Framework Act). Korea, like other countries, recognizes that CCUS technology is indispensable to achieve ‘zero carbon’ by 2050. Therefore, in Article 34 of the Framework Act on Carbon Neutrality, there was a provision on the promotion of carbon capture, use and storage technology to prepare policies to support the development of “carbon capture, use, and storage technology.” Special regulations for the demonstration of technology are to be separately stipulated by law. In order to apply CCUS technology, the CCUS single bill is being revised. Meanwhile, in Korea, the “Act on Allocation and Trade of Greenhouse Gas Emission Permits” is in effect. However, in the EU Emissions Trading Act, which implemented the emission trading system earlier than Korea, and the EU CCS Directive was enacted in 2009 and the EU Emissions Trading Directive was also revised. According to the amendments, the EU ETS provides the important incentive for CCS, and according to the EU legal framework, CO2 captured and safely stored is considered “not released” by the ETS. In addition, the 2018 Directive (EU) 2018/410, which amended 2003/87/EC, made amendments in relation to CCUS. That is, the 325 million allowance in quantities that can be allocated free of charge and 75 million allowances in quantities that can be auctioned under Article 10 can be used to support innovation in low-carbon technologies and processes. contributing to environmentally safe carbon capture and utilization (“CCUS”). Based on the lessons learned from the EU's Emissions Trading Act, we investigated what regulations should be stipulated in the Emissions Trading Act when Korea enacts the single CCUS Act. In addition, the CCUS Act suggested what contents should be stipulated to reflect the emission trading system. This work was supported by the Korea Institute of Energy Technology Evaluation and Planning(KETEP) and the Ministry of Trade, Industry & Energy(MOTIE) of the Republic of Korea (20214710100040,CCUS 법률안 정비 및 수용성을 포함한 제도적 기반 구축). Many problems are appearing due to climate disasters or global warming. Therefore, many countries are moving towards ‘net zero’ policy by setting greenhouse gas reduction targets. Korea is also responding to the climate crisis by enacting the Carbon Neutral and Green Growth Framework Act (so called the Carbon Neutral Framework Act). Korea, like other countries, recognizes that CCUS technology is indispensable to achieve ‘zero carbon’ by 2050. Therefore, in Article 34 of the Framework Act on Carbon Neutrality, there was a provision on the promotion of carbon capture, use and storage technology to prepare policies to support the development of “carbon capture, use, and storage technology.” Special regulations for the demonstration of technology are to be separately stipulated by law. In order to apply CCUS technology, the CCUS single bill is being revised. Meanwhile, in Korea, the “Act on Allocation and Trade of Greenhouse Gas Emission Permits” is in effect. However, in the EU Emissions Trading Act, which implemented the emission trading system earlier than Korea, and the EU CCS Directive was enacted in 2009 and the EU Emissions Trading Directive was also revised. According to the amendments, the EU ETS provides the important incentive for CCS, and according to the EU legal framework, CO2 capt

This work was supported by the Korea Institute of Energy Technology Evaluation and Planning(KETEP) and the Ministry of Trade, Industry & Energy(MOTIE) of the Republic of Korea (20214710100040,CCUS 법률안 정비 및 수용성을 포함한 제도적 기반 구축). Many problems are appearing due to climate disasters or global warming. Therefore, many countries are moving towards ‘net zero’ policy by setting greenhouse gas reduction targets. Korea is also responding to the climate crisis by enacting the Carbon Neutral and Green Growth Framework Act (so called the Carbon Neutral Framework Act). Korea, like other countries, recognizes that CCUS technology is indispensable to achieve ‘zero carbon’ by 2050. Therefore, in Article 34 of the Framework Act on Carbon Neutrality, there was a provision on the promotion of carbon capture, use and storage technology to prepare policies to support the development of “carbon capture, use, and storage technology.” Special regulations for the demonstration of technology are to be separately stipulated by law. In order to apply CCUS technology, the CCUS single bill is being revised. Meanwhile, in Korea, the “Act on Allocation and Trade of Greenhouse Gas Emission Permits” is in effect. However, in the EU Emissions Trading Act, which implemented the emission trading system earlier than Korea, and the EU CCS Directive was enacted in 2009 and the EU Emissions Trading Directive was also revised. According to the amendments, the EU ETS provides the important incentive for CCS, and according to the EU legal framework, CO2 captured and safely stored is considered “not released” by the ETS. In addition, the 2018 Directive (EU) 2018/410, which amended 2003/87/EC, made amendments in relation to CCUS. That is, the 325 million allowance in quantities that can be allocated free of charge and 75 million allowances in quantities that can be auctioned under Article 10 can be used to support innovation in low-carbon technologies and processes. contributing to environmentally safe carbon capture and utilization (“CCUS”). Based on the lessons learned from the EU's Emissions Trading Act, we investigated what regulations should be stipulated in the Emissions Trading Act when Korea enacts the single CCUS Act. In addition, the CCUS Act suggested what contents should be stipulated to reflect the emission trading system. This work was supported by the Korea Institute of Energy Technology Evaluation and Planning(KETEP) and the Ministry of Trade, Industry & Energy(MOTIE) of the Republic of Korea (20214710100040,CCUS 법률안 정비 및 수용성을 포함한 제도적 기반 구축). Many problems are appearing due to climate disasters or global warming. Therefore, many countries are moving towards ‘net zero’ policy by setting greenhouse gas reduction targets. Korea is also responding to the climate crisis by enacting the Carbon Neutral and Green Growth Framework Act (so called the Carbon Neutral Framework Act). Korea, like other countries, recognizes that CCUS technology is indispensable to achieve ‘zero carbon’ by 2050. Therefore, in Article 34 of the Framework Act on Carbon Neutrality, there was a provision on the promotion of carbon capture, use and storage technology to prepare policies to support the development of “carbon capture, use, and storage technology.” Special regulations for the demonstration of technology are to be separately stipulated by law. In order to apply CCUS technology, the CCUS single bill is being revised. Meanwhile, in Korea, the “Act on Allocation and Trade of Greenhouse Gas Emission Permits” is in effect. However, in the EU Emissions Trading Act, which implemented the emission trading system earlier than Korea, and the EU CCS Directive was enacted in 2009 and the EU Emissions Trading Directive was also revised. According to the amendments, the EU ETS provides the important incentive for CCS, and according to the EU legal framework, CO2 capt

The impact of climate change is more evident now than ever due to the environmental burden accumulated over the past two decades. Decarbonising methods such as carbon capture, utilisation and storage (CCUS) technologies are the future of the green economy and are considered one of the most significant alternatives for mitigating carbon emissions. Therefore, this review mainly focuses on life cycle assessment (LCA), the current state-of-the-art tool to determine the environmental performance of the technologies. This paper aims to assess papers published from the year 2019 to 2022 from all around the world to understand the trend, challenges, and prospects of CCUS technologies in reducing carbon and environmental impacts. This review concludes that the employment of carbon capture technologies can significantly reduce greenhouse gas (GHG) emissions but also increase other environmental burdens such as acidification, eutrophication and ecotoxicity depending on the type of carbon capture method used, energy penalty and the rate of oxides of nitrogen (NOx) emitted from the carbon capture infrastructure. Furthermore, Carbon Capture Utilisation (CCU) is a viable option to be employed in industries mainly to produce chemicals and use the captured carbon directly to combat GHG emissions with the proper modification of the carbon conversion method of the plant and the application of renewable energy. Although the Carbon Capture Storage (CCS) technology has an overall great impact on reducing Global Warming Potential (GWP), the increasing demand for fuel for the infrastructure causes environmental trade-offs with an increase in GHG emissions and other impact categories. The findings of this research would help in developing and implementing improvised methods and will provide a clear view of the prospects of CCUS technologies which will assist in decision-making.

Research progress of carbon capture and storage (CCS) technology based on the shipping industry

This research work investigates the feasibility and efficiency of implementing Carbon Capture and Storage (CCS) Technologies in Downstream Equipment such as in refining and processing, distribution and marketing, petrochemical production and retail sales as ways to mitigate greenhouse gas emissions. Considering the world is in urgent need to cut the emissions of greenhouse gases in order to deal with the challenge of climate change. Most mitigations have targeted carbon dioxide (CO₂), because it is the major agent in global warming. The research focuses on three primary CCS techniques: post-combustion capture, pre-combustion capture, and oxy-fuel combustion. These technologies are unique because they stand out as the only technologies that permit the continued use of fossil fuel powered sources while reducing the amount of CO₂ from these sources. Post-combustion method is best suited for retrofitting existing power plants, its challenges of energy and operation costs would be addressed if there is advancement in chemistry solvent, process efficiency and integration with renewable sources. Pre-combustion method Capture CO2 with 90% efficiency and produces hydrogen as a clean fuel, its viable for new-build plants. Oxy-fuel combustion simplifies CO₂ capture by producing a pure CO₂ stream, also ideal for newly installed facilities. This research also discovered CCS applications in enhancing oil recovery, industries decarbonization, and limiting emissions in sectors necessary for CCS. High costs, infrastructure requirements, and regulatory needs, are few challenges. Each technology fits different need, but their economic viability would be to balance the cost, efficiency and suitability to existing or new installed facilities

The growing concerns about meeting increased demand and greenhouse gas emissions has led to increased interest in carbon capture and storage (CCS) technologies. Industry is already exploring various CCS technologies. The viability of a carbon capture and sequestration industry will be dependent upon the costs of capturing CO2 from industrial and natural sources. This raises the questions: what are the potential costs and benefits of capturing industrial CO2? To answer these questions, a detailed analysis was conducted. A source-to-sink analysis was done to estimate the total cost of capturing and transporting CO2 from a variety of industrial sources to potential sequestration sites. These include concentrated sources, such as ammonia and ethanol plants, as well as less-concentrated sources including power plants. The considered sequestration sites include value options such as enhanced oil and gas recovery projects, pressure maintenance in gas reservoirs, as well as sequestration in saline aquifers, depleted oil and gas reservoirs, and other geologic media. This paper will discuss examples of various CO2 capture technologies currently in use and in development. It will also discuss the industrial sources and sequestration options which were considered in the analysis. In addition, the paper will provide estimates of CO2 pipeline transportation costs at various distances between sources and sinks. Finally, the paper will discuss the total estimated cost, inclusive of capture, compression, and transportation, at which the CO2 can be sold to operators of enhanced oil recovery projects or other industries which could utilize the CO2. This analysis concluded that CO2 can be captured and transported approximately 100 miles at costs ranging between $1 and $3.50 per thousand cubic feet. Introduction Over the past decades, the United States has continued to be a major emitter of many greenhouse gasses including CO2. To date CO2 is the largest single contributor to the greenhouse-gas buildup in the atmosphere. The EIA reported that in 2008, the U.S. emitted more than 5.75 Billion tons of CO21. This volume, as seen in figure 1, is an increase of more than 20 percent over the 1990 emissions. This has created a growing concern of climate change and greenhouse gas emissions from industrial sources such as power generation, the number one source of CO2 emissions world wide2. In order to help meet strict future environmental requirements, such as the legal and regulatory framework the NPC called for, CCS technologies will be borrowed from other industries, enhanced and developed. Sequestration can occur for either directly sequestering the CO2 or treating it as a commodity for a variety of industrial uses. Industrial sources of CO2 are the second largest emissions source of greenhouse gas consisting of 27% annually and are subject to capture and use in industrial or sequestration projects. These CO2 streams have food grade, industrial grade, and sequestration applications. This paper discusses the carbon capture technologies, industrial CO2 sources, the costs of transportation, and the key value-added sequestration options for the environment and industry alike.

The role of carbon capture technologies in greenhouse gas emissions-reduction models: A parametric study for the U.S. power sector

Carbon Capture and Storage (CCS) technology is an efficient and cost-effective method for reducing atmospheric CO2 concentrations. Given the current reliance on fossil fuels by people, this method can be applied in factories and areas of human activity that emit substantial amounts of CO2. This article introduces advanced carbon capture methods in various fields such as industry, ecosystems, and urban areas. Considering CCS technology from the perspectives of cost, efficiency, advantages, and limitations, it explores future development directions of carbon capture technologies in different sectors. This article introduces three different CCS technologies: Direct Air Capture, Bio Energy Carbon Capture and Storage (BECCS), and Oxy-fuel Combustion. Research and discussions on Direct Air Capture indicate that its main advantage lies in its convenience and high compatibility with various environments compared to other main CCS technologies. It can directly reduce atmospheric CO2 levels through chemical methods, although there is still a need to enhance the adsorption efficiency of adsorbents. As an ecosystem-based CCS technology, Bio Energy Carbon Capture and Storage continues to play a significant role currently, and its principles of carbon capture are being applied in urban spaces using BECCS technology, with sustainability being the reason for its widespread application. Oxy-fuel combustion is used mainly in the industrial sector to rapidly and efficiently address the substantial CO2 emissions from industrial activities. The article elucidates the opportunities and challenges that future carbon capture technologies will encounter.

Carbon capture and storage (CCS) technologies represent a critical strategic intervention in addressing global climate change challenges while maintaining energy security in natural gas infrastructure. This comprehensive review explores the multifaceted landscape of CCS technologies, examining technological innovations, economic frameworks, and environmental implications for clean energy production. By synthesizing current research and emerging approaches, the study provides a holistic assessment of CCS potential in mitigating carbon emissions from natural gas facilities. The review critically analyzes existing capture technologies, including post-combustion, pre-combustion, and oxy-fuel combustion methods, highlighting recent advances in material sciences and technological innovations. Economic considerations are examined through the lens of investment strategies, policy frameworks, and long-term viability. Environmental performance evaluation encompasses comprehensive emissions assessment, geological storage risks, and broader ecosystem implications. Key findings underscore the complexity of CCS implementation, revealing both significant challenges and promising opportunities for transforming natural gas infrastructure. The study emphasizes the need for interdisciplinary approaches, robust policy support, and continued technological innovation to realize the full potential of carbon capture technologies in achieving sustainable energy transitions.

Accelerating the deployment of carbon capture and storage technologies by strengthening the innovation system