Association Webinars: The Transition to Carbon Capture and Storage Technologies



In this webinar, we present a new model of the value chain of Carbon Capture, transport and Storage (CCS) by focusing on the decisions taking by actors involved in either capture, transport or storage of CO2. Plants emitting CO2 are located along a circle. If these invest in carbon capture facilities, the captured CO2 is transported to terminals, which again transport the received amount of CO2 to a storage site. We study different market structures, all suffering from market imperfections such as network effects, market power and economics of scale in addition to the environmental externality from emissions. Thus, to ensure socially optimal CCS investments, the government must use more than one policy instrument. A numerical specification of the model calibrated for the North Sea, finds that the actually observed CCS investments are much lower than what is socially optimal simply because the price of CO2 emissions has been far too low. If the carbon tax is set equal to the social cost of carbon and is sufficiently high to justify CCS investments, but the government does not use other instruments to correct for the other market imperfections, CCS investments differ significantly between the alternative market structures. In particular, investment in terminals may be too high, while investment in capture facilities could still be too low.

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Snorre Kverndokk (born 1962) has his Ph.D. in environmental economics from the University of Oslo in 1994. He is a senior research fellow at the Frisch Centre, a research foundation at the University of Oslo, and has also work experience from Department of Economics University of Oslo, Statistics Norway and Johns Hopkins University SAIS (Washington DC and Bologna, Italy), in addition to experience from governmental work and consulting. He is working on health-, energy- and environmental economics, and has previously been the director of CREE - Oslo Centre for Research on Environmentally friendly Energy, and HERO - Health Economics Program at the University of Oslo. He has also been involved in IPCC WG III since 1998 as a lead author and a review editor. He has had several research stays in England, Belgium and the USA, and has published numerous articles in international journals and received awards for his research. He is basically doing theoretical analyses and numerical modelling.

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Event Date: August 11, 2021

Event Time: 10:00 - 11:00 AM Eastern Time

Topic: The Transition to Carbon Capture and Storage Technologies

Speaker: Snorre Kverndokk

Price: FREE

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