Unlocking the Potential of Geological Storage of CO2: What Role for a Storage Climate Club?

Abstract

Carbon Capture and Storage (CCS) is a key carbon dioxide (CO₂) mitigation technology in climate change mitigation pathways that aim to limit the rise in temperatures to below 1.5 and 2°C, in line with the recommendations of the Intergovernmental Panel on Climate Change (IPCC). This policy brief focuses on the deployment at scale of geological storage of CO₂ as the last critical link in the CCS process chain. It proposes the establishment of a new Storage Climate Club led by a group of “enthusiastic” countries in order to operationalize a new asset class, Carbon Storage Units (CSUs) under Article 6 of the Paris Agreement and support the deployment at scale of geological storage of CO₂ and CCS technologies worldwide.