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Putting CO2 to Use: Creating Value from Emissions Technical analysis can provide an assured market, which can be important in securing capital for investment. Labels and standards that verify the lower-carbon credentials of products can support public procurement efforts as well as broader marketing to industrial and individual consumers. In recent years, several countries have implemented public procurement rules that favour low- carbon products and services. In the Netherlands, tenderers can have their bids evaluated with a price reduction of up to 5% if their performance meets certain criteria (OECD, 2016). The government of Ontario (Canada) is looking at how to account for the emissions embedded in cement and concrete in public procurement rules (ECO, 2017). These measures have the potential to support commercialisation of emerging technologies particularly for CO2-derived building materials, but would rely on an underlying MRV framework to validate the climate benefits. Mandates Mandates are legal requirements to bring forward products or services that meet certain standards or criteria. Obliging manufacturers to meet emissions criteria, or firms to purchase a minimum percentage of products or services with low life-cycle CO2 emissions, would allow CO2- derived products and services to enter the market. Mandates can also be a safeguard against carbon leakage, insofar as they could prevent the import of more carbon-intensive products. This policy instrument has been enacted for a variety of products and services, including transport fuels. A notable example is the Renewable Energy Directive (RED II) in the European Union, which prescribes that a minimum of 14% of the energy consumed in road and rail transport should be of renewable origin by 2030. The Directive defines a series of GHG emission criteria that transport fuels must comply with. RED II recognises CO2-derived fuels regardless of the origin of the CO2, but several criteria have to be met. GHG emissions savings must be at least 70%; input energy must be fully renewable; it must be demonstrated that electricity generation capacity (for the fuel production) came into operation after or at the same time as the installation producing the fuel, and the electricity is not imported from the grid. CO2-derived fuels will likely struggle to be competitive with other low-carbon fuels recognised by RED II, such as renewable electricity and hydrogen. Another example is the Low Carbon Fuel Standard in California (US), which sets a declining target for the GHG intensity of the fuel supplied. The Fuel Standard recognises oil-based transport fuels produced with CO2-EOR that would reflect a better GHG performance due to the CO2 geologically stored during the oil recovery stage. Economic incentives A wide range of economic incentives can be used to bridge the commercial gap between CO2-derived products (and services) and incumbents in the market. These include direct support for project costs and tax incentives. In addition to lowering capital and operational expenditures, guarantees for input prices and revenue streams are critical for most commercial entities to establish a sound business case with an acceptable risk profile. Tax incentives have been used to advance several low-carbon technologies in different regions of the world. Such incentives could play a similar role for companies, sellers or consumers of CO2-derived products and services. An example of how such a tax incentive scheme could stimulate the use of CO2 in products is the 2018 US Budget Bill, although it would probably need to be combined with other incentives to stimulate large-scale CO2 use outside of EOR applications (Box 12). PAGE | 69 IEA. All rights reserved.PDF Image | Putting CO2 to Use Creating value from emissions
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