Abstract

This study examines strategies and implementation plans for commercializing CO₂ capture and storage, which is an effective method to achieve the national goal of reducing greenhouse gas. In order to secure cost-efficient business model of CO₂ capture and storage, we propose four key strategies, including 1) urgent need to select a large-scale storage site and to estimate realistic storage capacity, 2) minimization of source-to-sink distance, 3) cost-effectiveness through technology innovation, and 4) policy implementation to secure public interest and to encourage private sector participation. Based on these strategies, the implementation plans must be designed for enabling CO₂ capture and storage to be commercialized until 2030. It is desirable to make those plans in which large-scale demonstration and subsequent commercial projects share a single storage site. In addition, the plans must be able to deliver step-wised targets and assessment processes to decide if the project will move to the next stage or not. The main target of stage 1 (2019 ~ 2021) is that the large-scale storage site will be selected and post-combustion capture technology will be upgraded and commercialized. The site selection, which is prerequisite to forward to the next stage, will be made through exploratory drilling and investigation for candidate sites. The commercial-scale applicability of the capture technology must be ensured at this stage. Stage 2 (2022 ~ 2025) aims design and construction of facility and infrastructure for successful large-scale demonstration (million tons of CO₂ per year), i.e., large-scale CO₂ capture, transportation, and storage. Based on the achievement of the demonstration project and the maturity of carbon market at the end of stage 2, it is necessary to decide whether to enter commercialization of CO₂ capture and storage. If the commercialization project is decided, it will be possible to capture and storage 4 million tons of CO₂ per year by the private sector in stage 3 (2026 ~ 2030). The existing facility, infrastructure, and capture plant will be upgraded and supplemented, which allows the commercialization project to be cost-effective.

Keywords CO₂ capture and storage, large-scale storage site, strategy for commercialization, greenhouse gas