Negative emissions, positive economy
Long-term goals of the Paris Agreement — Keeping global warming below 2 degrees Celsius Celsius Ideally 1.5 ° C — greenhouse gas emission reduction measures alone may not be possible to avoid the worst effects of climate change. Most scenarios to achieve these goals also require the deployment of negative emission technologies (NETs) that remove carbon dioxide (CO).2) From the atmosphere.
A prime candidate for NET is bioenergy with carbon capture and storage (BECCS), which extracts energy from CO.2-Absorb plants and capture CO2 When the extracted plants burn, they are released into the atmosphere and stored underground. End-to-end processes include securing available land, growing and transporting crops, converting biomass to electricity through carbon capture, and transporting and storing recovered CO.2..
At first glance, it may seem easy to strengthen BECCS technology around the world to ensure the success of international efforts to stabilize the climate. However, the prospect of growing plants for BECCS on a large scale has raised concerns about unfavorable, unintended consequences. These include environmental and economic impacts, from soil erosion to biodiversity loss, especially food prices that can result from relocating vast agricultural lands to reduce carbon emissions. Includes rise.
Journal new research Changes in the global environment It focuses head-on on the economic impact of BECCS.Represents all major components of BECCS MIT With researchers from the MIT Joint Program on Economic Forecasting and Policy Analysis (EPPA) Models, Science and Policy for Global Change Imperial College London Estimate the potential impact of technology on the global economy under climate policy scenarios that keep global warming below 1.5 ° C and 2 ° C, respectively.
While it is economically feasible to implement such a policy independently of BECCS, large-scale deployment of technology in the second half of the century will significantly reduce overall implementation costs. I found that. In addition, the inclusion of BECCS in these policies can prevent widespread financial damage. In the 1.5C scenario, global consumption would decrease by almost 20% by 2100 without BECCS, but only 5% with BECCS.
“Our modeling suggests that the benefits of BECCS far outweigh the costs,” said Howard Herzog, senior research engineer and co-author of the MIT Energy Initiative. “In terms of cost, BECCS is superior to direct air capture, which is another major negative emission technology that uses carbon capture and storage (CCS).”
BECCS will also significantly reduce carbon prices associated with cap-and-trade policies designed to reduce emissions sufficient to keep global warming below 1.5 ° C and 2 ° C. Emission permit. At the same time, BECCS is compensated for its negative emissions through carbon prices, which are a substantial source of income.
“We have conducted a series of experiments to clearly show that the revenue from carbon permits is actually driving the development of BECCS,” said MIT Joint Program and MIT Energy Initiative Research Co-author and Research Science. Jennifer Morris said. “The value of CO is2 Elimination is far greater than the value of power generation. Electricity is essentially a by-product. “
Finally, the study found that the deployment of BECCS would bring about significant changes in land use to accommodate bioenergy crop cultivation consistent with achieving 1.5C and 2C climate goals, while food, livestock, And conclude that it will raise crop prices by less than 5%. By 2100 on average (up to 15 percent in selected regions). Most notably, food prices have risen by just 1.5% worldwide.
These results, in conjunction with dramatic emission reduction measures, suggest that BECCS may be an economically effective tool in global efforts to stabilize the climate.
“Large-scale deployment of BECCS has shown that it can dramatically reduce the cost of implementing policies aimed at achieving the long-term climate goals of the Paris Agreement and avoid significant price increases for agricultural products. “The Deputy Director of the MIT Joint Program said. Sergei Partsev, MITEI Senior Research Scientist, co-authored this study. “But further research is needed to provide a more detailed assessment of the food supply chain and BECCS components and to ensure that such deployments are politically viable.”
Reference: “Economics of Bioenergy with Carbon Capture and Storage (BECCS) Deployment in the World at 1.5 ° C or 2 ° C”, Mathilde Fajardy, Jennifer Morris, Angelo Gurgel, Howard Herzog, Niall Mac Dowell, Sergey Paltsev, 2021 April 3, Changes in the global environment..
DOI: 10.1016 / j.gloenvcha.2021.102262
https://scitechdaily.com/how-bioenergy-with-carbon-capture-and-storage-could-help-stabilize-the-climate-without-breaking-the-bank/ How bioenergy with carbon recovery and storage can help stabilize the climate without destroying banks