Baker & McKenzie has assisted with two significant reports looking at the current state of the carbon capture and storage (CCS) market released recently by the Global Carbon Capture and Storage Institute (GCCSI).
More than 30 lawyers from the firm's environmental markets practice assisted on both Strategic Analysis of the Global Status of Carbon Capture and Storage (Strategic Analysis), published in late October, and a report, An Ideal Portfolio of CCS Projects and Rationale for Supporting Projects (Ideal Portfolio), released on Sunday.
Strategic Analysis is a comprehensive audit of the global status of current CCS projects. It was commissioned by the GCCSI and written by a consortium led by engineering service provider WorleyParsons, comprising Bakers, oilfield services company Schlumberger and the Electric Power Research Company. The Bakers team provided the legal and policy analysis of CCS projects.
Meanwhile, the Ideal Portfolio categorises 26 priority projects which together have the greatest potential to significantly contribute to large-scale commercial CCS deployment by 2020. It was prepared by business consultancy L.E.K Consulting, in consultation with experts such as Bakers.
Bakers partner Andrew Beatty, who will also attend the GCCSI's members meeting in Paris next week, said he believes CCS is on its way to becoming a significant industry.
"Both the Strategic Analysis and the Ideal Portfolio reports show that there is increasing action being taken to seek to achieve the G8 objective of deploying at least 20 commercial-scale CCS projects globally by 2020," he said. "Just as the global carbon markets have developed rapidly to involve many new and traditional business enterprises, we expect that CCS projects will quickly become a major new infrastructure sector in which many of our clients will eventually participate."
Download the reports at the GCCSA website.