ABATEMENT AND OFFSETS
As the world moves to a low carbon future, there will a requirement for companies and facilities to abate or offset their emissions in some way. This is linked to energy efficiency, as efficiency projects also reduce emissions, but an extension to that work.
Not all greenhouse gas emissions result from energy consumption, though a lot of them do. Technical abatement of greenhouse gas emissions looks at the other emissions sources for a company or facility and explores the volume of those emissions, what can be done to reduce those emissions and how much that abatement project costs to implement.
engeco engineers have design experience with facilities for carbon capture and storage (CCS) and have relationships with the Global CCS Institute and with Australia's CSIRO and CO2CRC (co-operative research centre). We also have links to subsurface experts who can help with reservoir characterisation. CCS is currently still expensive but is considered to be a vital part of ongoing global emissions management. Given the very long project development time for CCS projects (up to 10 years from project identification to final investment decision), investigation into CCS, and ensuring the option value is preserved, is prudent risk management.
In the short term, while carbon prices are relatively low, it is likely that offset projects are more cost effective than technical abatement. Offset projects are generally projects that are funded by a company and often outside of that company's operational boundaries and sometimes in other countries. They include reforestation and land management projects, installation of renewable energy and others. engeco's consultants have visibility of emissions abatement across the entire economy and can advise on the most appropriate way to pursue projects outside of a company's boundaries and potentially generate high quality verifiable carbon credits that can be used to offset company emissions. engeco is keeping a very close eye on the outcomes of the Article 6 negotiations under the Paris Agreement as these will have a material impact on the current frameworks for offset projects under the Kyoto Protocol.