IEA Announces 5 Priority Actions for Carbon Dioxide Storage and Development

We live in an age of increased environmental consciousness and social responsibility predicated on clean, renewable energy strategies. A huge piece of that initiative relies on companies like yours to develop effective carbon dioxide (CO2) storage and development solutions to permanently isolate this greenhouse gas from reaching the atmosphere.

So far, so good. Per the International Energy Agency, more than 130 CO2 storage sites were in development in 20 countries by the middle of 2022. And plans for 60 new projects were on the horizon.

While good news, the IEA adds that the door is still open for a possible CO2 storage development bottleneck during energy transitions.

Below are 5 priority actions the IEA recommends that governments can take to accelerate carbon dioxide storage development. Per the IEA, the private sector can support these actions through “consultation during the development of policy and regulation, improving data management practices, increasing innovation, and supporting the upskilling and reskilling of the oil and gas workforce.”

  1. Identify CO2 storage resources and facilitate access to the data necessary for storage development.
  2. Ensure legal and regulatory frameworks enable effective and secure CO2 storage.
  3. Develop policies and regulatory competencies that support CO2 storage.
  4. Support early movers, develop business models, and boost investment in CO2 storage.
  5. Additional private-sector considerations (ex: Creating a market for tradable, regulatory compliant CO2 storage certificates, developing and building CO2 storage infrastructure, and creating insurance products to cover CO2 storage activities).

“Sites can be public, private, or public-private partnerships, and today the majority of sites have private ownership, but that does not preclude the involvement of the public sector,” said Dr. Rachael Moore, an energy analyst who was recently quoted in an article by on this same subject matter. “We see a strong role for state-owned enterprises.”

More in-depth analysis and other IEA recommendations can be found in the IEA’s executive summary.

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