Article 6 of the Paris Agreement facilitates international cooperation to achieve global emissions reduction targets using international carbon markets. This framework allows for emission transfers between countries, ensuring a global balance in greenhouse gas emissions.
Carbon Capture and Storage (CCS) is a pivotal technology for substantial and prolonged reduction in atmospheric CO2, and its integration into the Paris Agreement can be achieved through various mechanisms, including emissions trading, governmental transfers, and CCS-specific approaches.
Three central models for integrating CCS under Article 6 are proposed: linked carbon pricing policies, a voluntary system of storage targets for fossil fuel producers, and a multilateral "CCS club."
- Model 1 is based on the trading of emission reduction and/or removal units (CRRUs).
- Model 2 uses carbon storage units (CSUs) are used to drive bottom-up actions by corporations and countries, supporting CCS deployment.
- Model 3 is based on a select group of like-minded countries with a common interest in fossil fuel production and CCS adopting CSUs to cooperate on a plurilateral basis.
While technology-neutral market mechanisms might not efficiently promote CCS, policies based on Carbon Storage Units (CSUs) can bolster its inclusion in more mitigation strategies.
Though the future of a CSU mechanism is still uncertain, all proposed models contribute to the enhancement of CCS in global climate strategy.