Minister Bharrat now has power to issue licences for carbon capture and storage

Nov 03, 2023 ExxonMobil, News, Oil & Gas

Petroleum Activities Law Pt 6…

Kaieteur News – Guyana’s Minister of Natural Resources, Vickram Bharrat is now empowered by virtue of the Petroleum Activities Law to grant licences for the storage of Carbon Dioxide (CO2).

Such a licence would give a licensee the exclusive right to explore for and develop underground carbon dioxide storage sites.

Notably, the licence paves the way for a process called Carbon Capture Storage (CCS). This is a crucial technological strategy in the fight against global climate change. Research shows that it involves capturing CO2 emissions produced from the use of fossil fuels in electricity generation and industrial processes, preventing CO2 from entering the atmosphere and contributing to the greenhouse effect.

The criticality of CCS can be understood from multiple angles:

Climate Mitigation: The Intergovernmental Panel on Climate Change (IPCC) has recognized CCS as a key component in the portfolio of carbon reduction technologies needed to limit global warming to 1.5 degrees Celsius above pre-industrial levels. It is also one of the few technologies that can be applied to large point sources of CO2, like power plants and heavy industries, enabling these sectors to continue operation while mitigating their environmental impact.
Industrial Processes: There are certain industrial processes that are inherently carbon-intensive, such as cement, steel production, and chemical manufacturing. For these industries, CCS represents one of the few avenues for significantly reducing emissions, as alternative processes or materials are not yet viable at scale.
Transition Strategy: As we transition to a low-carbon economy, there’s a realistic recognition that renewable energy sources won’t be able to meet all global energy demands in the short to medium term. CCS therefore allows for a more pragmatic transition by offsetting emissions from fossil fuels as renewable energy infrastructure scales up.

In essence, CCS is critical because it provides a pragmatic solution that can be implemented alongside other strategies to drastically reduce greenhouse gas emissions, thus contributing to the global effort to mitigate the worst impacts of climate change.

With the law empowering Natural Resources Minister Vickram Bharrat to now issue licenses for carbon dioxide storage, the country is clearly on the verge of taking another progressive step in reducing its greenhouse gas emissions footprint.

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Carbon Capture Storage (CCS), carbon dioxide, Minister of Natural Resources, Petroleum Activities Law, Vickram Bharrat

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