Despite the numerous and extensive benefits of CCS, the successful development of a business case for early large-scale CCS projects is difficult and complex. Revenue and cost are effectively the two elements that project proponents need to address when making their business case. These are important regardless of whether the project is intended as a technical demonstration or commercial operation.
Renewable energy sources such as solar and wind are expected to contribute 15% of the CO2 abatement needs by 2020. By comparison CCS is expected to contribute 4% of the CO2 abatement needs by 2020. In 2012, the total new investment for renewable energy was $244.4 billion. Proportionately, CCS should have received approximately ¼ of the investments allocated to renewables, i.e. $61 billion. The global investment in CCS projects, however, was $2.8 billion.
Funding for CCS in Europe
Both the European Union, and a number of countries within Europe, have recognised and acknowledged the important role CCS should play in the future development of the European power sector and industry.
Within Europe a number of funding schemes have been established to aid the development of CCS. More information and details on these funding schemes can be found on the "Analysis" section of our website.