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Providing adequate economic incentives for bioenergies with CO2 capture and geological storage

Olivia Ricci 1, *
Abstract : Knowing that carbon capture and storage (CCS) could play an important role in reducing CO2 emissions, it is important to have a good understanding of this role and the importance of environmental policies to support carbon capture and geological storage from bioenergies (BECCS). To date CCS technologies are not deployed on a commercial level, and policy instruments should be used to provide incentives to firms to use these technologies to reduce pollution. The aim of this paper is to compare the cost-efficiency of several incentive-based instruments (a fossil fuel tax, an emissions tax, a cap and trade system that recognize negative emissions, and a subsidy on captured emissions) needed to spur the adoption of CCS of the emissions from fossil fuel as well as from biomass, using a dynamic general equilibrium model. The study shows that BECCS will be deployed only if a specific subsidy per unit of biomass emissions captured with a CCS technology is available. We show also that the two most cost-efficient instruments for achieving a given emissions reduction target are a specific subsidy that rewards captured emissions and a carbon tax whose revenues are recycled to subsidize BECCS.
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Submitted on : Monday, June 3, 2013 - 3:49:57 PM
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Olivia Ricci. Providing adequate economic incentives for bioenergies with CO2 capture and geological storage. 2011. ⟨halshs-00829641⟩

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