The Carbon Storage Three-Legged Stool to Facilitate Deployment

Abstract

Abstract Nearly 25 years ago, publicly funded research into the suitability of permanently storing CO2 in the subsurface was initiated in many parts of the globe to mitigate CO2 emissions. Over time, this work developed capacity assessments and conducted pilot tests to demonstrate storage efficacy. Results of these assessments suggested that large volumes of CO2 can be stored in many global basins. In parallel with this research, regulatory authorities developed frameworks to govern the injection and storage processes to assure permanency and to minimize environmental impacts. However, these R&D and regulatory developments, by themselves, were not enough to kick-start an industry. A "third leg" of the stool was required, which is a viable commercial model. In a limited number of sites around the world, commercial storage projects were developed to mitigate carbon emission taxes. However, momentum has not been maintained and the portfolio of large projects has not grown. In the United States, however, the advent of tax incentives has spurred intensive commercial interest in carbon storage. This confluence of incentivization, decades long research, and an established regulatory framework has led to significant growth in carbon storage activity in projects great and small.