DNV calls on UAE to lead the way forward in creating a decarbonised energy future

Speaking at the World Future Energy Summit in Abu Dhabi, Haugland said that in order to uphold a sustainable growth in the future, a considerable reduction in CO2 is necessary, and that CCS is a key technology in creating a decarbonised energy future.

Main sources of CO2 are fossil fuel power plants and large scale process industry. CCS is one of the most exciting and innovative means of reducing CO2 - the approach is to isolate CO2 from a gas stream and prevent it from emitting into the atmosphere by storing it in a suitable geological reservoir.

At present, there are a number of CCS-related projects worldwide, but a full-scale end-to-end CCS chain does not yet exist. DNV believes, therefore, that the Middle East could potentially play a key role in leading the way forward globally.

There are currently no standards and recommendations on how to manage large scale CO2 capture, transport and storage. DNV's long standing experience in the maritime and oil and gas sector, coupled with its leading role in developing CCS technology, means that it is ideally placed to work with industry to develop adequate guidelines and procedures for critical parts of the CCS value chain. The aim is to make a consistent foundation so that CO2 capture, transport and storage can be carried out in a safe and reliable way.

Speaking at WFES, Bjorn K Haugland, Chief Operating Officer of DNV, said, "Creating a decarbonised energy future is vital, and the UAE and Masdar are uniquely positioned to take a leading role in this. DNV believes that whilst voluntary initiatives can work in the short term, a more strategic approach is required in the longer term, and we are keen to work with the UAE Government and companies in the region to drive this forward."

The global carbon market is currently growing rapidly, with volumes in the first half of 2008 at $59bn. Commenting on this, Bjorn K Haugland said, "The Carbon Capture and Storage industry represents a major growth opportunity for the oil and gas operators and coal and gas power plant operators, who not only have a strategic interest in making fossil fuel a future sustainable source of energy, but also have much of the needed technology in place as they are experts in geological reservoirs, wells and pipeline transport."