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Carbon capture and sequestration: how much does this uncertain option affect near-term policy choices?

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  • Laurent Gilotte

    ()
    (CIRED - Centre International de Recherche sur l'Environnement et le Développement - Centre de coopération internationale en recherche agronomique pour le développement [CIRAD] : UMR56 - CNRS : UMR8568 - École des Hautes Études en Sciences Sociales (EHESS) - École des Ponts ParisTech (ENPC) - Ecole Nationale du Génie Rural des Eaux et Forêts)

  • Valentina Bosetti

    (FEEM - Fondazione Eni Enrico Mattei - Aucune)

Abstract

Policy makers as well as many economists recognize geological Carbon Capture and Sequestration (CCS) as a key option to avoid costly emission reduction. While an extreme perspective is to envision CCS as a magic bullet to solve the issue of climate change, the economics perspective is more balanced and see it as a part of a portfolio of mitigation actions. Besides, as any novel mitigation technology, CCS can be implemented with a twofold purpose; on one side it can substitute some other technological efforts to reach a given environmental target. On the other side, it offers the opportunity to go for additional emission reductions andreach a "safer" climate target. In order to balance these twopossible utilizations of CCS and assess their respective effects onearly policystrategies, we undertake a twofold numerical experiment. First, a cost-efficiency analysis is undertaken where CCS sole effect is substitution of other efforts. This is followed by a cost-benefit analysis where both purposes have to be balanced. We find that future availability of CCS is less a reason to relax near-term abatement efforts than what could be inferred from previous analyses. Moreover, cost-benefit analysis indicates that the environmental target should be more ambitious when CCS is included in the picture.

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Bibliographic Info

Paper provided by HAL in its series CIRED Working Papers with number halshs-00007298.

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Date of creation: 16 Jun 2006
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Handle: RePEc:hal:ciredw:halshs-00007298

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Related research

Keywords: Climate Change; Uncertainty; Sequestration; Cost-benefit analysis;

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  1. Peck, Stephen C. & Teisberg, Thomas J., 1993. "Global warming uncertainties and the value of information: an analysis using CETA," Resource and Energy Economics, Elsevier, vol. 15(1), pages 71-97, March.
  2. Riahi, Keywan & Rubin, Edward S. & Taylor, Margaret R. & Schrattenholzer, Leo & Hounshell, David, 2004. "Technological learning for carbon capture and sequestration technologies," Energy Economics, Elsevier, vol. 26(4), pages 539-564, July.
  3. Akimoto, Keigo & Tomoda, Toshimasa & Fujii, Yasumasa & Yamaji, Kenji, 2004. "Assessment of global warming mitigation options with integrated assessment model DNE21," Energy Economics, Elsevier, vol. 26(4), pages 635-653, July.
  4. Minh Ha-Duong & Patrice Dumas, 2004. "An abrupt stochastic damage function to analyse climate policy benefits," Post-Print halshs-00002451, HAL.
  5. Minh Ha-Duong & David Keith, 2003. "Carbon storage: the economic efficiency of storing CO2 in leaky reservoirs," Post-Print halshs-00003927, HAL.
  6. Pizer, William A., 2002. "Combining price and quantity controls to mitigate global climate change," Journal of Public Economics, Elsevier, vol. 85(3), pages 409-434, September.
  7. Jean-Charles Hourcade & Philippe Ambrosi & Stéphane Hallegatte & Franck Lecocq & Patrice Dumas & Minh Ha-Duong, 2003. "Optimal control models and elicitation of attitudes towards climate damages," Post-Print halshs-00000966, HAL.
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