Cost-benefit comparison of carbon capture, utilization, and storage retrofitted to different thermal power plants in China based on real options approach

Fan, Jing-Li; Shen, Shuo; Xu, Mao; Yang, Yang; Yang, Lin; Zhang, Xian

doi:10.1016/j.accre.2020.11.006

Cited by 37 publications

(21 citation statements)

References 38 publications

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“…In this situation, world organisations must observe whether China and India will continue setting the ambitious target as before or will be involved in an economic competition. Researchers should consider that China, as the owner of the largest coal mines in the world, has access to the cheapest sources of energy, which always motivates their use in power plants (Fan et al 2020 ). Similar to countries in the EU, China, India and the USA, other countries have major future plans for developing EVs.…”

Section: Discussionmentioning

confidence: 99%

Global declarations on electric vehicles, carbon life cycle and Nash equilibrium

Bakhtyar

Zhang

Azam

et al. 2022

Clean Techn Environ Policy

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Universal environmental policies adopt strategies that enhance and encourage the production and usage of electric vehicles (EVs). Universal cooperation is evident in the framework of agreements or protocols so as to successfully lead countries towards the predetermined goals. The question is whether this trend can reduce global warming or CO2 emissions worldwide. By adopting game theory, this study analyses electricity carbon life cycle in leading EV countries. Results show that although the spread of EVs in Europe and the USA can mitigate carbon emissions, the production and use of electric vehicles in some countries, such as China and India, become a new source of such emissions. This reverse effect is due to the emission of greenhouse gases from electricity sources in these countries. Game theory also suggests that countries with unclean electricity sources should reconsider their plans to produce and use EVs. This study confirms that although carbon emission and global warming are global problems, regional and local policies can be substituted with a single comprehensive approach for an effective means of CO2 emission reduction. Graphical abstract

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Section: Discussionmentioning

confidence: 99%

Global declarations on electric vehicles, carbon life cycle and Nash equilibrium

Bakhtyar

Zhang

Azam

et al. 2022

Clean Techn Environ Policy

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“…Despite the prospects of CCUS to significantly reduce emissions, numerous scholarly research attribute slow rates of adoption majorly to cost [34]. Fan et al [14], Regufe et al [35] and d'Amore et al [12] delineate high costs as the main challenge amidst other roadblocks such as high energy penalties and unsupportive and uncertain regulatory frameworks in many countries. Similarly, Nurdiawati & Urban [4] express that in addition to costs, negative perception towards the potential of CCUS to lock-in CO2 and prolong the path dependency of the refining sector could inhibit public support for its advancement.…”

Section: Literature Reviewmentioning

confidence: 99%

“…have been recommended for decarbonising the refinery sector [11]. However, CCUS is widely regarded as the most practical option that can be retrofitted to existing refinery plants without completely restructuring these systems [12], thereby enabling continued operation of these infrastructures [13], while producing nearly zero emissions [14]. Although CO2 can be emitted from multiple process units, around 60-70% of total industrial refinery emissions typically come from stationary fuel combustion to supply heat and power for refinery operations [15].…”

Section: Introductionmentioning

confidence: 99%

Optimisation-based Design of Market-based Policy Instruments for Accelerating the Uptake of CCUS for Global Refinery Decarbonisation

Ofori-Atta,

Oluleye

2023

Preprint

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CCUS is broadly heralded as a substantive opportunity to deeply offset emissions from the oil refining industry. However, high cost of capture remains a major barrier to adoption. Although developments of new technologies and infrastructure are still ongoing and poised to appreciably improve the economics for CCUS in the future, widescale deployment is still critically dependent on policy interventions. This work develops a novel optimisation-based multi-market potential assessment model to quantify the impact of combined policies in increasing market uptake and reducing mitigation cost of new CCUS technologies by 2030 among refineries considered to be operating under CCUS clusters with a shared transport and storage network business model. The methodology is applied to 512 refineries in 86 countries grouped under 8 different regions worldwide. Results show that sufficient demand among refineries can be generated from policies combined globally to trigger further cost reductions to a target cost of capture of ≤ US$40 /tCO2. Overall, 33% maximum cost savings is possible at a worldwide cost of US$ 46.3 billion shared between governments and the industry largely in the form of unified carbon taxes and grant support. Moreover, refineries in Asia, North America and Europe are more likely to lead CCUS cost savings as high as 22% due to their huge market potential and policy mix support from capital funding, tax credits for EOR and storage, and emissions allowances, as opposed to potential in Africa and Oceania. Ultimately, there is need for coordinated global efforts for policy measures for CCUS uptake.

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“…CO 2 capture, utilization, and sequestration (CCUS) technologies have been identified as important tools for achieving decarbonization goals, particularly in sectors that are difficult to electrify or decarbonize, such as heavy industry and transportation. ,− CCUS technologies function by trapping CO 2 emissions from industrial operations or power plants, transforming the captured CO 2 into useful commodities, and/or sequestering it within geological structures or other designated sites. ,,,− …”

Section: Introductionmentioning

confidence: 99%

Carbon Dioxide Capture, Utilization, and Sequestration: Current Status, Challenges, and Future Prospects for Global Decarbonization

Nagireddi,

Agarwal,

Vedapuri

2023

ACS Eng. Au

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This Review provides an in-depth overview of carbon dioxide (CO 2 ) capture, utilization, and sequestration (CCUS) technologies and their potential in global decarbonization efforts. The Review discusses the concept of CO 2 utilization, including conversion to fuels, chemicals, and minerals as well as biological processes. It also explores the different types of CO 2 sequestration, including geological, ocean, and mineral storage, and the associated challenges and opportunities such as regulatory issues and public acceptance. The Review highlights the potential of integrating CO 2 CCUS technologies and presents case studies of successful projects. The benefits and limitations of these technologies are discussed, along with areas for further research and development. Overall, this Review underscores the importance of CCUS.

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Cost-benefit comparison of carbon capture, utilization, and storage retrofitted to different thermal power plants in China based on real options approach

Cited by 37 publications

References 38 publications

Global declarations on electric vehicles, carbon life cycle and Nash equilibrium

Global declarations on electric vehicles, carbon life cycle and Nash equilibrium

Optimisation-based Design of Market-based Policy Instruments for Accelerating the Uptake of CCUS for Global Refinery Decarbonisation

Carbon Dioxide Capture, Utilization, and Sequestration: Current Status, Challenges, and Future Prospects for Global Decarbonization

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