New tech solutions are imperative for decarbonisation

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Several new CCS demonstration projects are in the pipeline. These include Kingsworth and Hatfield (900 mw IGCC) in the UK, Vattenfall in Germany and large scale demonstration in post-combustion capture from the flue gas of existing power plants in Rotterdam and Beijing.

Considering the rapid progress made in development of technology towards reducing the amount of CO2 emitted per unit of energy produced, it is desirable that carbon markets facilitate transfer of clean coal technologies to those economies that have large dependence on coal for meeting their basic energy needs. Global energy industry is expected to take lead in this direction.

Similarly, a lot of events are taking place. A landmark event of in this direction was the CO2 Energy Summit held in the UK by CWC Associates. The participants included eminent economists and technologists from different countries. The goal of the summit was to chalk out a path towards low carbon economy. The summit was preceded by one-day training capsule on carbon marketing, benefits, policies and approach to identification of Clean Development Mechanism (CDM) projects.

Carbon markets are expected to continue to grow and likely to become the largest commodity, even after Kyoto Protocol comes to an end in 2012. It emerged that the growing economics like India and China can take a lead among developing countries in creating a new world order. It is easier for them to leapfrog towards low carbon economy as compared to industrialised economics, which have already stabilised their economic growth.

But the question is how to leapfrog? Carbon markets are growing but the primary goal of transfer of technology as envisaged under the UNFCCC mechanism is not happening. There have been issues raised about medium-term and long-term gains from such transactions. Secondary Markets and Emission Trading Schemes are expected to take over. Primarily, market opportunities in the energy sector are the main attraction to buyers and sellers.