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Putting CO2 to Use: Creating Value from Emissions Technical analysis A carbon pricing system does not automatically incentivise CO2 use; this depends on if and how the system recognises the CO2 emissions reductions. The impact of the carbon price on the competitiveness of a CO2-derived product can vary per product type, depending on the transferability of regulatory responsibility, sale price of the CO2 and the percentage of CO2 that is permanently stored in the product. For instance, the European Union’s Emissions Trading Scheme (EU ETS) does not allow an emitter to deduct the emissions related to any CO2 transferred from its facility for use in products or services. This means that whenever an emitter uses or sells CO2 for conversion into products, the CO2 must be reported as emitted, and the emissions allowances surrendered to the regulator.22 As a result, the emitter would only capture and sell the CO2 to a company using it as a feedstock if the price they receive for the CO2 covers at least the cost of capture. This price can be higher if the emitter can acquit its emissions allowances through other, lower-cost abatement options, for instance with CCS. However, if the carbon pricing system recognised emissions reductions related to CO2 use, emitters may be willing to accept much lower sale prices, since the transfer of CO2 to a user would relieve them of all or part of their regulatory responsibility for their CO2 emissions. This means that the buyer would have to accept the legal (and financial) responsibility for the CO2 emissions. The entity responsible for the CO2 should be exempted from the carbon price at a rate consistent with the climate benefits achieved over the life cycle of the CO2-derived product or service. The underlying MRV framework would have to recognise whether or not the carbon is permanently stored in the product and assumptions on the type and carbon intensity of the counterfactual product and service have to be made. None of the carbon pricing systems in force today cover CO2 emissions across all sectors of the economy. Hence, if CO2 use were to be recognised, the MRV framework may have to deal with carbon entering sectors not covered by the system. This could be done by tracking the carbon or by using average emissions values when a product crosses sectoral borders, for example combustion emissions related to transport fuels. If not done properly, there is a risk that emissions reductions are claimed in both sectors (double counting), or monetised in the sector covered by the system, but later emitted in a sector outside of it. Finally, the inclusion of downstream emissions in the MRV framework may interfere with legislation that is already put in place to tackle these emissions, such as transport fuel directives. To uphold the integrity of the carbon price system, a careful and tailored design is essential. Public procurement Public procurement expenditures in OECD countries amount to 12% of gross domestic product (GDP), and up to 29% of GDP in many developing countries (OECD, 2019). Leveraging this purchasing power for lower-carbon (including CO2-derived) products and services can help to establish early markets and promote innovation, especially in sectors where government demand is significant, such as in building materials and transport fuels. Government purchase contracts 22 CO2 transfer for producing precipitate calcium carbonate (PCC) is exempt from surrendering emissions allowances. This exemption was introduced in December 2018 as a direct consequence of the Schaefer Kalk court ruling, which established that CO2 that is chemically stable bound to PCC should be considered as not emitted (EUR-Lex, 2019). PAGE | 68 IEA. All rights reserved.PDF Image | Putting CO2 to Use Creating value from emissions
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