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Putting CO2 to Use: Creating Value from Emissions Technical analysis Implications for policy Governments can have multiple reasons for supporting the development and commercialisation of CO2-derived products and services. Most of the interest in CO2 use has been driven by the objective of governments to mitigate global CO2 emissions. However, other reasons play a role as well, such as stimulating industrial innovation, technological leadership and enabling the circular economy. The optimal policy framework depends on the primary reason and objective to be pursued. This section focuses on policies supporting CO2 use as a climate mitigation option. Most conversion processes and CO2-derived products and services are at early stages of technological development and are unable to compete with incumbent products and services, particularly in the absence of policies that recognise and value lower-carbon alternatives. While a carbon price could drive the market for some CO2-derived products and services in the long term (Box 11), additional policy measures are needed for the initial commercialisation phase. Effective policy support would have to recognise the early-stage challenges of CO2-derived products and services, including the commercial gap with incumbent products and services, legal barriers, and creating a robust emissions accounting framework. A range of tailored policies and incentives can be used to improve the business case for investment in CO2-derived products and services. Regardless of the policy instrument, it must be underpinned by a transparent and robust measurement, reporting and verification (MRV) framework to provide confidence that emissions reductions are actually achieved. The design of such a framework is very challenging, because of the wide range of products operating in different markets and the complexity inherent in determining the emissions reductions for all of them. Presently, policies supporting CO2 use are scarce, due to the relative novelty of some applications and uncertainties in emissions accounting and MRV. This section discusses several policy instruments that could be used to drive the market for CO2-derived products and services. Box 11. Would a carbon price drive the use of CO2? Carbon pricing is a policy instrument that charges those who emit CO2 for their emissions, either in the form of a carbon tax or a cap-and-trade system. Carbon pricing can act as an incentive to capture CO2 and use it (or sell it for use) in the manufacture of products or services, provided this is the cheapest compliance strategy for the emitter. Carbon pricing systems are currently operating in different regions; however, in most cases the carbon price is currently too low to support deployment of relatively nascent technologies, including CO2 use applications. Furthermore, the cost of using CO2 as a feedstock for products or services is often too high relative to other compliance strategies, such as CO2 storage or simply paying the carbon price. However, as CO2 conversion costs are expected to decline over time while carbon prices increase, there may be instances in which CO2 use becomes a cost-effective strategy. PAGE | 67 IEA. All rights reserved.PDF Image | Putting CO2 to Use Creating value from emissions
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