Review on China's National Carbon Market and Analysis for Commercial Development Potential of Carbon Capture, Utilization and Storage in China

Carbon capture, utilization, and storage (CCUS) has been deemed as a necessary choice of the last mile in realizing carbon neutrality. Currently, the high cost of CCUS is still a major barrier for commercialization. In this review, we hope to explore the commercial development potentials of CCUS in...

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Bibliographic Details
Main Authors: Ivan Li, Xuran, Zhu, Haoming, Zhang, Liping
Format: Conference Proceeding
Language:English
Subjects:
Asia
Carbon
Carbon market
Carbon neutral
Carbon price
Carbon Trading
CCUS
Commercialization
Costs
Emissions trading
Smart grids
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Summary:Carbon capture, utilization, and storage (CCUS) has been deemed as a necessary choice of the last mile in realizing carbon neutrality. Currently, the high cost of CCUS is still a major barrier for commercialization. In this review, we hope to explore the commercial development potentials of CCUS in China basing on carbon trading mechanism, and meanwhile clarify the key factors impacting the commercialization of CCUS. CCUS is proved to be increasingly important for China's carbon emission reduction from 2025 to 2060, and was predicted to contribute a CO 2 emission reduction potential of around 9~30 million tons of CO 2 in 2025, and this figure will increase up to 1~1.82 billion tons in 2060. There are two key factors affecting the commercialization of CCUS, including carbon price and if CO 2 stored by CCUS projects cane been recognized as carbon credit.
ISSN:2378-8542
DOI:10.1109/ISGTAsia54193.2022.10003534