A Turning Point in the EU’s Climate Policy?
Carbon capture and the third period of the emissions trading scheme
The Finnish Institute of International Affairs
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The scope of the global climate policy is changing towards
the post-2020 situation and the stringent regulation of carbon-intensive
activities. A more ambitious climate policy is needed because global climate
change shows no signs of abating – on the contrary, it seems to be worsening.
The third period (2013–2020) of the EU’s emissions trading
scheme, the EU ETS, is critical because during this time European carbon
markets should finally start to function as planned since the initiation of the
Carbon capture and storage (CCS) is one of the solutions
associated with the success of the EU ETS, and numerous CCS technologies are
already technologically viable, but the EU ETS is still not capable of
encouraging investments in CCS.
The biggest short-term challenges in the promotion of CCS
are: 1) increasing financial interest in supporting the further development of
different forms of CCS, and 2) achieving a wide consensus on the significant
decrease of emission allowances.
During the 2020–2050 time period, the largest CCS potential
will be found outside traditional energy production. CCS applications that are
based on mineral carbonation or bioenergy are good examples of promising CCS