O market de carbon capture and storage in Brazil still accurate go through a series of regulations e get more incentives so that it can develop and provide advances towards decarbonization in various sectors.
This is main conclusion made by a study recently released by CCS Brazil, a non-profit entity that works to develop this market in the country.
“It is still necessary to take some fundamental steps to create an institutional environment favorable to carbon capture and storage projects”, explain Isabela Morbach and Nathalia Weber, co-founders of the organization.
In the published study, the PROFESSIONALS from CCS Brasil as well brought other points that need to be taken into consideration by governments and society so that the advancement of this market gets off the ground and helps the country to promote more and more projects.
One of them involves the Brazilian congress advances in discussions regarding the PL 1.425 / 2022, which seeks to discipline the storage of carbon in geological or temporary reservoirs, and its subsequent reuse.
The text was recently approved, with amendments, by the Senate Infrastructure Committee and should be voted on soon by the Environment Committee. The approval of the document is considered important by professionals because it is legislation that brings more legal certainty to the development of projects related to the topic.
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In the published study, experts also listed other key positions to promote this market on national soil. These are the country’s needs:
- Map opportunities and carry out a survey of areas with the greatest potential for geological storage of CO2, targeting opportunities for project implementation. “In addition to regulation, it is also important to be clear about what and how obligations to reduce national CO2 emissions will be defined”, highlights Isabela.
- Make investments with the acquisition of equipment to enable carbon capture and storage routes, driven by the creation of financing encouraged by development banks. “Incentives for CCS projects can come in the form of subsidized financing, tax discounts, auctions for the acquisition of carbon credits and other measures that reduce project implementation and operation costs,” said Nathalia.
- Disseminate information about this market to society and its role in mitigating climate change. “Public awareness about the importance of reducing CO2 emissions and the role of the carbon capture and storage market is crucial for social engagement and public and private entities, which can encourage the implementation of projects”, highlights Isabela .
- Development of more efficient and lower-cost national carbon capture technologies, making this market a more viable option for companies looking for decarbonization alternatives. “Brazil has excellent research centers that can contribute a lot in this aspect and, also, in the process of training the workforce needed for projects”, says Nathalia.
