Modeling the Socio-Economic Impacts of Carbon Capture and Storage Deployment: Current Practices and Pathways Forward

Abstract

The transition to a net-zero economy implies a wide range of changes affecting certain industrial sectors, communities, and regions. When moving from theory to practice, public policies need to account for the country-specific portfolios of physical capital, human capital, social capital, intangible capital, and natural capital consistent with the low carbon transition goals. Further, any policy measure is unlikely to be implemented unless it also quantifies adverse socio-economic impacts across the economy, which is expected to vary from country to country. The chapter will present a review on how socio-economic impacts are accounted for in climate and energy models, including the main advantages and trade-offs of the different modeling approaches. The chapter will conclude the analysis by suggesting key socio-economic indicators paramount to model energy systems transition in a socially equitable way, focusing on the elements that are particularly relevant to CCS. Book Title – Sustainable Carbon Capture: Technologies and Applications Chapter Author(s) – Judy Jingwei Xie, Centre for Environmental Policy, Imperial College London, London, United Kingdom, j.xie20@imperial.ac.uk Piera Patrizio, Centre for Environmental Policy, Imperial College London, London, United Kingdom, p.patrizio@imperial.ac.uk Niall Mac Dowell, Centre for Environmental Policy, Imperial College London, London, United Kingdom, niall@imperial.ac.uk Chapter Number and Title – Chapter 12, Modeling the Socio-Economic Impacts of Carbon Capture and Storage Deployment: Current Practices and Pathways Forward