Shell seeks European help in developing carbon storage
(BRUSSELS) - Anglo-Dutch oil giant Shell called on EU nations Monday to make urgent moves towards developing carbon capture and storage systems, a key part of the bloc's ambitious plans to tackle climate change.
At the moment, Shell argued, there is no incentive for companies to bring in the environmentally friendly measure and delaying its implementation would increase carbon dioxide levels in the atmosphere.
The use of such technology may be a key factor. Shell's own blueprint unveiled on Monday assumes that carbon dioxide is captured at 90 percent of all coal and gas-fired power plants in developed countries by 2050.
However "today none capture CO2", Royal Dutch Shell chief executive Jeroen van der Veer said in a statement.
The technology to keep the greenhouse gas emissions to a minimum, remains expensive and in its infancy.
The process involves capturing carbon dioxide from gases emitted by industry, transporting them and storing them underground.
"Because CO2 capture and storage adds costs and yields no revenue, government action is needed to support and stimulate investment quickly on a scale large enough to affect global emissions," said van der Veer.
He suggested that companies should earn carbon credits for the CO2 they store which would be tradeable on the European Union's Emissions Trading Scheme (ETS).
A failure to introduce incentives "could jeopardise Europe's leadership in the fight against climate change," he added.
The Shell chief also warned that delays in introducing a carbon capture system would be costly.
Delaying the widespread use of CO2 capture and storage beyond 2020 would translate into an annual rise of carbon dioxide levels in the atmosphere by one part per million, he said.
The carbon capture plan is part of a broader European energy and climate change package to help achieve the EU's aim is of limiting average global temperatures to two degrees Celsius above pre-industrial levels.
Under it, EU nations have committed to cut greenhouse gas emissions by 20 percent by 2020, from 1990 levels.
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