In a strategic effort to meet its net-zero emissions goals, the government is developing a policy framework for the deployment of Carbon Capture, Utilisation, and Storage (CCUS) technology. The CCUS initiative will concentrate on capturing carbon dioxide primarily from major emission sources and fossil fuel-based power generation units.
V.K. Saraswat, a member of NITI Aayog, highlighted that the initiative is likely to include financial incentives, such as viability gap funding, to encourage private sector participation. Saraswat said, “The government is proposing a CCUS mission that will encompass various forms of viability gap funding, carbon pricing mechanisms, taxation, carbon trading, and production-linked incentives (PLI) to lower the carbon footprint”.
The policy framework is being collaboratively developed by NITI Aayog, the office of the principal scientific adviser to the Prime Minister, and the ministry of power. The program will focus on advancing technology and setting up pilot projects, while offering incentives to CO2 emitters.
Saraswat revealed that one component of the mission will support the establishment of pilot plants capable of processing 500 tons of CO2 per day. The initiative is expected to facilitate business-to-business partnerships, with government funding playing a supporting role.
The proposed mission is in line with India’s goal of increasing its non-fossil fuel energy capacity and achieving net-zero emissions by 2070. It mirrors efforts by other nations like the United States, Japan, and Germany, which have made considerable progress in CCUS technology recently.
CCUS technology involves capturing CO2, compressing it, and either repurposing it for various uses or storing it in deep geological formations like depleted oil and gas fields or saline aquifers. As reported by knnindia.co.in, as India continues to advance towards its climate objectives, the CCUS mission represents a key step in reducing carbon emissions and transitioning to more sustainable energy sources.
