Shell urges financial incentive for CO2 storage

8th April 2008, Comments 0 comments

Funding would make it more attractive for companies to invest in technology that helps store carbon dioxide underground, says CEO.

8 April 2008

THE NETHERLANDS - Shell chief executive officer Jeroen van der Veer says that it should be made financially more attractive for companies to store carbon dioxide underground. He said that companies would be more ready to invest in technology if EU governments provided financial incentives.

Van der Veer argues that companies should be allocated marketable emission rights. Shell and the Dutch Petroleum Company, or NAM, are working on plans to store carbon dioxide in an almost exhausted natural gas field near the town of Barendrecht. The Barendrecht fields have room for the storage of more than ten million tonnes of carbon dioxide.  

Van der Veer said that if large-scale underground storage of carbon dioxide becomes feasible, it would lead to a substantial reduction of greenhouse gas emissions.

[Radio Netherlands / Expatica]

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