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Tariq Siddiqui's picture
COO Upstream EP Advisors LLC

Oil & Energy | Business Development | Capital Projects | Offshore Windย - ย Proven leader in offshore development and operations, with 25+ yearsโ€™ expertise in managing business through cycles...

  • Member since 2021
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  • Jun 23, 2021
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๐—ก๐—˜๐—˜๐—— ๐—™๐—ข๐—ฅ ๐—–๐—–๐—จ๐—ฆ - NECESSITY NOT AN OPTIONย 
For the world to avoid a climate catastrophe, carbon capture is likely a necessity, not an option. To meet the Paris Agreementโ€™s objectives -ย keep warming below 2C and preferably near 1.5Cโ€”net zero carbon emissions must be achieved circa 2050,ย and some carbon dioxide will have to be extracted from the atmosphere

1. ๐——๐—ผ๐—ฒ๐˜€ ๐—–๐—–๐—ฆ ๐—ช๐—ผ๐—ฟ๐—ธ?

PETRONOVA experience & learnings;ย if Petra Nova was a technical success, it is also a cautionary tale. Petra Nova has been mothballed since May 2020 because it is uneconomic.ย 

2-๐—–๐—ผ๐—ฎ๐—น & ๐—–๐—–๐—จ๐—ฆ:

A US coal plant with CCUS would need mammoth subsidies to dispatch under current conditions. It is probably a much better market for CCUS coal retrofits than the U.S.ย American industry and government must then decide how to effectively compete.

3-๐—ก๐—ฎ๐˜๐˜‚๐—ฟ๐—ฎ๐—น ๐—š๐—ฎ๐˜€ ๐—–๐—–๐—จ๐—ฆ:

The CCUS technology that has been developed to date for coal plants cannot, so to speak, be simply slapped onto a natural gas combined cycle (NGCC) plant IEA has pinpointed CCUS for gas-fired plants as an area where a near-term push from R&D is needed.ย 

4-๐—›๐˜†๐—ฑ๐—ฟ๐—ผ๐—ด๐—ฒ๐—ป & ๐—–๐—–๐—จ๐—ฆ:

Economics, currently favor blue hydrogen; Green hydrogen is expected to eventually close the cost gap with blue; estimates range from the early 2030s to circa 2050.

5-๐—š๐—ผ๐—ถ๐—ป๐—ด ๐—™๐—ผ๐—ฟ๐˜„๐—ฎ๐—ฟ๐—ฑ:

Deployment Requires Robust Government Support.

ย 

๐—•๐—ข๐—ง๐—ง๐—ข๐— ๐—Ÿ๐—œ๐—ก๐—˜

A common element of proposed climate strategies is to initially focus on the low-hanging fruitโ€”such as building wind and solar power and retiring coal plantsโ€”followed by CCUS deployment to control emissions (what cannot be reduced or avoided) from the remaining combustion sources and for carbon removal. ย For this approach to succeed, the groundwork must be laid now.ย 

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Bob Meinetz's picture
Bob Meinetz on Jun 23, 2021

Tariq, before we even consider stuffing carbon back underground, from whence it came, we need to stop pulling more, and more, and more, out of the ground. Seems obvious. What am I missing here?

Tariq Siddiqui's picture
Tariq Siddiqui on Jun 23, 2021

Bob

You are spot on! Net-Zero ( as oppose to Gross-Zero), hinges on; avoiding emissisions completely if possible, reducing to minimum or eliminating completely if economically feasible, and removing only that small portion that is not feasible! 
 

Gross-zero, proponents believe, elimination of fossil fuel immediately. This requires not only legislative binding, as common in Europe but also framework follow through, at industry and companies level so that credible long-term planning can be done to meet climate target.

Therefore short-term focus should be on renewable (wind, solar etc.), to avoid and eliminate, M&A is the tool for developing position  on it! CCUS should be part of long-term strategy, voluntary emission trading  is another tool fo what cannot be eliminated in hard to reduce industries like cement!

Unstructured transition planning can result in energy shortages, hike in oil prices slowing down unnecessarily a momentum in energy transition, that has been building!

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