Wednesday, September 09, 2009 7:15:49 AM
2009/01/05 By Choi, Soon-wook
The debate over the carbon capture and storage technology is becoming fierce. Some insist that it is a practical measure to reduce carbon dioxide.
But, others say that it is not a fundamental resolution without any proof for safety.
But, the Korean government is committed to the development of the carbon capture and storage technology as new growth engine, leaving possibilities for debate in Korea.
On December 31, international media outlets and industry insiders said that the carbon capture and storage technology are drawing attention from the world.
The technology helps capture carbon dioxide and store them under the ground or the sea.
In the technology, minerals are utilized as storage material for carbon dioxide.
In some cases, captured carbon dioxide are stored under the sea or the empty oil wells.
Recently, the fire power plant, particularly those with coal, are considering the introduction of the technology.
Vattenfall, a German energy company, applied the CCS technology to a fire power plant using coal, currently operating in Germany.
The International Energy Agency urged governments around the world to make $20 billion investment in the CCS technology in October. In the next month, the International CCS Research Institute led by Australia and IEA participating companies will be opened.
The technology is drawing attention as it could cut carbon emissions.
However, the opposition against the CCS technology is also growing.
Particularly the safety concern is the biggest voice. No one knows what impact will be made if a huge volume of carbon dioxide is stored under the ground or the sea.
That’s why the Science Technology advisory group of the UN does not agree with the designation of the CCS technology as the official technology for cutting green house gas emission.
Also, the economic term should be considered. McKinsey recently released an analysis report saying that the economic feasibility would decrease by 10% if coal plants are using the CCS technology.
Furthermore, the CCS technology is not the technology reducing the carbon dioxide. That’s why Green Peace and the Greens in Germany are calling the CCS technology as an illusion for the use of fossil fuel.
The Korean government is committed to the development of the CCS technology, leaving possibilities for igniting the fierce debate over the CCS technology in Korea.
The government included the CCS technology to the intensive support category for the follow-up activities of the comprehensive plan for climate change confirmed on December 24.
Kim Sang-hyub, an advisory secretary of the Presidential Office, said, “The government will nurture the CCS technology for new growth engine.”
Lee Buddle, a deputy manager of the Korea NGO’s Energy Network said, “Korea just began the development of the CCS technology.
Therefore, the in-depth discussion has not been made yet.
But, basically, the intensive support for the CCS technology is not an appropriate solution.
The CCS technology does not solve the carbon dioxide issue at all and its safety is not technically proven yet. Therefore, the debate will be triggered in Korea soon.”
Recent HWNI News
- Form 8-K - Current report • Edgar (US Regulatory) • 09/24/2024 01:15:08 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/11/2024 04:53:33 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/20/2024 08:15:45 PM
FEATURED Innovation Beverage Group Receives Largest Shipment of its Top-Selling Bitters to Date in the U.S.-Ready to Meet Growing Demand from Expanding Distribution Network • Oct 30, 2024 12:22 PM
FEATURED Element79 Gold Corp to Update Investors on the Emerging Growth Conference on October 31, 2024 • Oct 30, 2024 9:08 AM
CBD Life Sciences Inc. (CBDL) Launches High-Demand Mushroom Gummy Line for Targeted Wellness Needs, Tapping into a Booming $20 Billion Market • CBDL • Oct 31, 2024 8:00 AM
Nerds On Site Announces Q1 Growth and New Initiatives for the Remainder of 2024 • NOSUF • Oct 31, 2024 7:01 AM
CBD Life Sciences Inc. (CBDL) Announces Grand View Research Report Findings on High - Growth CBD Equine Market, Aiming to Drive Unprecedented Shareholder Value • CBDL • Oct 29, 2024 10:19 AM
Integrated Ventures Announces Partnership And Lease Agreement with Driptide Wellness - Leading Health and Wellness Provider. • INTV • Oct 29, 2024 8:45 AM