A novel digital dashboard has been created by Xodus to illuminate the financial aspects of carbon dioxide transport throughout Europe.
This innovative, web-based tool empowers users to evaluate the expenses associated with moving captured CO2 to various locations across the continent.
Brought to life through a collaboration between Xodus, a worldwide energy consulting firm, and the Carbon Capture Storage Association (CCSA), this resource assists businesses in engaging with and scrutinizing the financial viability of diverse carbon capture, utilization, and storage (CCUS) strategies.
This interactive platform, encompassing economic models for CO2 transport and storage within the EU, EEA, and UK, enables emissions producers to determine the costs of conveying their CO2 to any offshore storage facility in Europe.
Concurrently, storage providers gain the ability to pinpoint the geographic distribution of demand for their services. Furthermore, policymakers can leverage this data to formulate regulatory frameworks that promote optimized access to infrastructure.
This comprehensive tool is the result of an 18-month effort by a multidisciplinary team comprising advisory specialists, energy development experts, and geospatial analysts. Plans are in place for future enhancements to the dashboard, ensuring its ongoing relevance and precision as the CCUS sector evolves and cost dynamics shift.
Relevant: Cross-Border CO2 Storage Can Reduce Costs By 20%, New CCSA Report Finds
Olivia Powis, CCSA CEO, stated: “A Europe-wide CO2 market is within reach and it is essential that industry and policymakers have economic modelling, as it can provide important insights into feasibility, risk management, and financial planning for projects and clusters.
“As our report into accelerating a Europe-wide CO2 storage market found, there is an exciting opportunity to cut CO2 storage costs by 20% across Europe and save billions annually if the EU and UK break down policy barriers and make cross-border CO2 storage happen.
“The future of CCUS in Europe, as well as effective climate action, hinges on deploying CCUS across Europe and this dashboard will be a helpful tool in achieving this.”
Read more: Opinion: Using Innovative Solutions To Overcome CCS Hurdles
