NOAH's position on the economics of CCS
NOAH believes that CCS is an excessively expensive way to reduce emissions of CO2. With the prospect of a CO2 reduction cost with CCS around €230-240 - or 15 -18 times more than the average allowance price in the EU ETS in 2009 - a political decision to spend billions of taxpayer funds to support the realisation of CCS would in practice mean that opportunities for renewables and energy efficiency improvements will be destroyed. CCS is liable to demand billions of Euros and dollars for research, development and demonstration.
CCS will play a negative role in the fight against climate change - because the technology is bound to drain resources otherwise available to combat the problem. Years will be lost that should be committed to the development of energy efficiency systems and renewable energy sources.
We believe that it will be a socio-economic mistake to proceed with CCS, be it with public or with private funds.