Strategic Cost Management

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Carbon Capture and Storage

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Strategic Cost Management

Definition

Carbon capture and storage (CCS) is a technological process that captures carbon dioxide emissions produced from the use of fossil fuels in electricity generation and industrial processes, preventing CO2 from entering the atmosphere. This method involves capturing the CO2, transporting it to a storage site, and depositing it underground in geological formations. CCS is crucial in managing carbon footprints and reducing overall greenhouse gas emissions, making it a key player in emissions management strategies.

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5 Must Know Facts For Your Next Test

  1. CCS technology can capture up to 90% of CO2 emissions from power plants and industrial sources.
  2. The captured carbon dioxide can be utilized for enhanced oil recovery or permanently stored underground in depleted oil and gas fields.
  3. CCS is considered a vital part of strategies aimed at achieving net-zero emissions by mid-century.
  4. Implementing CCS at large scales can significantly reduce the carbon footprint of heavy industries like cement and steel production.
  5. Regulatory frameworks and public acceptance are critical for the successful deployment of CCS projects.

Review Questions

  • How does carbon capture and storage contribute to reducing greenhouse gas emissions?
    • Carbon capture and storage plays a significant role in reducing greenhouse gas emissions by capturing up to 90% of CO2 produced from industrial activities and power generation before it can enter the atmosphere. Once captured, the CO2 is transported to secure geological storage sites where it can be safely contained. By preventing these emissions from contributing to climate change, CCS supports broader environmental goals and is integral to effective emissions management strategies.
  • Evaluate the economic implications of implementing carbon capture and storage technologies in various industries.
    • Implementing carbon capture and storage technologies can have significant economic implications for various industries. While the initial investment in CCS infrastructure can be high, it ultimately leads to lower carbon taxes and compliance costs associated with emissions regulations. Additionally, industries adopting CCS can enhance their sustainability credentials, potentially increasing their market competitiveness. However, ongoing operational costs and the need for regulatory support also play a crucial role in determining the long-term economic viability of CCS.
  • Assess the potential challenges and opportunities for carbon capture and storage in achieving global climate goals.
    • The successful integration of carbon capture and storage into global climate strategies presents both challenges and opportunities. Key challenges include high costs, technological uncertainties, and the need for substantial regulatory frameworks to support widespread implementation. However, CCS also offers opportunities by enabling heavy-emitting sectors to transition toward lower emissions while maintaining production levels. If effectively developed, CCS could significantly contribute to reaching net-zero targets while allowing for continued economic growth in fossil fuel-dependent industries.
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