ALBERT

Description / Table of Contents: The International Energy Agency (IEA) considers carbon capture and storage (CCS) a crucial part of worldwide efforts to limit global warming by reducing greenhouse-gas emissions. The IEA estimates that emissions can be reduced to a level consistent with a 2°C global temperature increase through the broad deployment of low-carbon energy technologies – and that CCS would contribute about one-fifth of emission reductions in this scenario. Achieving this level of deployment will require that regulatory frameworks – or rather a lack thereof – do not unnecessarily impede environmentally safe demonstration and deployment of CCS, so in October 2010 the IEA launched the IEA Carbon Capture and Storage Legal and Regulatory Review. The CCS Review is a regular review of CCS regulatory progress worldwide. Produced annually, it collates contributions by national and regional governments, as well as leading organisations engaged in CCS regulatory activities, to provide a knowledge-sharing forum to support CCS framework development. Each two page contribution provides a short summary of recent and anticipated CCS regulatory developments and highlights a particular, pre-nominated regulatory theme. To introduce each edition, the IEA provides a brief analysis of key advances and trends, based on the contributions submitted. The theme for this third edition is stakeholder engagement in the development of CO2 storage projects. Other issues addressed include: regulating CO2-EOR, CCS and CO2-EOR for storage; CCS incentive policy; key, substantive issues being addressed by jurisdictions taking steps to finalise CCS regulatory framework development; and CCS legal and regulatory developments in the context of the Clean Energy Ministerial Carbon Capture, Use and Storage Action Group.

Description / Table of Contents: The International Energy Agency (IEA) considers carbon capture and storage (CCS) a crucial part of efforts to limit global warming by reducing greenhouse-gas emissions. The IEA estimates that carbon dioxide emissions could be reduced to a level that would limit long‐term global temperature increases to 2°C through broad deployment of low‐carbon energy technologies, including CCS. In the IEA’s Energy Technology Perspectives 2012 2°C Scenario (2DS), CCS contributes about one‐seventh of cumulative emissions reductions from a business‐as-usual scenario through 2050. Achieving this contribution requires appropriate policy frameworks to both promote demonstration and deployment of CCS and ensure it is undertaken in a safe and environmentally responsible manner. The IEA Carbon Capture and Storage Legal and Regulatory Review aims to help countries develop their own regulatory frameworks by documenting and analysing recent CCS legal and regulatory developments from around the world. It was first published in 2010, and a new edition is released annually to provide an up‐to‐date snapshot of global CCS regulatory developments. Each edition includes short contributions from national, regional, state and provincial governments that review recent and anticipated CCS regulatory developments and highlight a particular, pre-nominated regulatory theme. To introduce each edition, the IEA provides a brief analysis of key advances and trends, based on the contributions submitted. The theme for this fourth edition of the CCS Review is policy measures to promote CCS demonstration and deployment. Other issues that have been highlighted include storage assessment and the Alberta Regulator Framework Assessment (RFA) process. Contributions from 22 governments and 6 international CCS organisations are presented in the fourth edition.

Description / Table of Contents: Climate change is a major challenge. Secure, reliable and affordable energy supplies are needed for economic growth, but increases in the associated carbon dioxide (CO2) emissions are the cause of major concern. About 69% of all CO2 emissions, and 60% of all greenhouse gas emissions, are energy-related. Recent IEA analysis in Energy Technology Perspectives 2008 (ETP) projects that the CO2 emissions attributable to the energy sector will increase by 130% by 2050 in the absence of new policies or supply constraints, largely as a result of increased fossil fuel usage. The 2007 Intergovernmental Panel on Climate Change (IPCC) 4th Assessment Report indicates that such a rise in emissions could lead to a temperature increase in the range of 4-7°C, with major impacts on the environment and human activity. It is widely agreed that a halving of energy-related CO2 emissions is needed by 2050 to limit the expected temperature increase to less than 3 degrees. To achieve this will take an energy technology revolution involving increased energy effi ciency, increased renewable energies and nuclear power, and the decarbonisation of power generation from fossil fuels. The only technology available to mitigate greenhouse gas (GHG) emissions from large-scale fossil fuel usage is CO2 capture and storage (CCS). The ETP scenarios demonstrate that CCS will need to contribute nearly one-fi fth of the necessary emissions reductions to reduce global GHG emissions by 50% by 2050 at a reasonable cost. CCS is therefore essential to the achievement of deep emission cuts. Most of the major world economies recognise this, and have CCS technology development programmes designed to achieve commercial deployment. In fact, at the 2008 Hokkaido Toyako summit, the G8 countries endorsed the IEA’s recommendation that 20 large-scale CCS demonstration projects need to be committed by 2010, with a view to beginning broad deployment by 2020. Ministers specifi cally asked for an assessment by the IEA in 2010 of the implementation of these recommendations, as well as an assessment of progress towards accelerated deployment and commercialisation. Current spending and activity levels are nowhere near enough to achieve these deployment goals. CCS technology demonstration has been held back for a number of reasons. In particular, CCS technology costs have increased signifi cantly in the last 5 years. In the absence of suitable fi nancial mechanisms to support CCS, including signifi cant public and private funding for nearterm demonstrations and longer-term integration of CCS into GHG regulatory and incentive schemes, high costs have precluded the initiation of large-scale CCS projects. The regulatory framework necessary to support CCS projects also needs to be further developed. Despite important progress, especially in relation to international marine protection treaties, no country has yet developed the comprehensive, detailed legal and regulatory framework that is necessary effectively to govern the use of CCS. CCS is also poorly understood by the general public. As a result, there is a general lack of public support for CCS as compared to several other GHG mitigation options. This report attempts to address some of these issues by collecting the best global information about the cost and performance of CO2 capture, transport and storage technologies throughout the CCS project chain. Chapters 1-4 contain this information, and use it to conduct a scenario analysis of the role of CCS in climate change mitigation. Chapter 5 discusses the fi nancial incentive mechanisms that governments can use to provide both short- and long-term incentives for CCS. This chapter also contains an expansion and update of the 2007 IEA publication Legal Aspects of CO2 Storage: Updates and Recommendations and examines the current state of public awareness and acceptance of the relevant technologies. Chapter 6 includes a review of the status of CCS policies, research and demonstration programmes, and CO2 storage prospects for several regions and countries. Chapter 7 concludes with a proposed CCS roadmap that includes the necessary technical, political, fi nancial and international collaboration activities to enable CCS to make the contribution it needs to make to global GHG mitigation in the coming decades.

Description / Table of Contents: Oil and gas markets have been marked by an increased divergence in recent months. On the one hand, oil market developments have generated an unpleasant sense of déja vu: rapid demand growth in emerging markets eclipsed sluggish supply growth to push prices higher even before the conflict in Libya tightened supplies still further. Oil prices around $100/bbl are weighing down on an already-fragile macroeconomic and financial situation in the OECD, pressuring national budgets in the non-OECD and causing price inflation of other commodities, as well as political concerns about speculation. There is an uncanny resemblance to the first half of 2008. On the other hand, in the world of natural gas an amazing disconnect has developed as demand recovered to well above pre-financial-crisis levels in most major regions. Gas markets have tightened in Europe and Asia, where prices are about twice the level seen in the United States, as the unconventional gas revolution is in full swing. From the upstream implications of the Arab Spring to the macroeconomic consequences of the eurozone crisis, energy markets are experiencing one of the most uncertain periods in decades. Medium-Term Oil and Gas Markets 2011 provides a comprehensive outlook for oil and gas fundamentals through 2016. The oil market analysis covers demand developments on a product-by-product and key-sector basis, as well as a detailed bottom-up assessment of upstream and refinery investments, trade flows, oil products supply and OPEC spare capacity. The gas market analysis offers a region-by-region assessment of demand and production, infrastructure investment, price developments and prospects for unconventional gas. It also examines the globalising LNG trade.

Description / Table of Contents: Natural gas is poised to enter a golden age, but this future hinges critically on the successful development of the world’s vast unconventional gas resources. North American experience shows unconventional gas - notably shale gas - can be exploited economically. Many countries are lining up to emulate this success. But some governments are hesitant, or even actively opposed. They are responding to public concerns that production might involve unacceptable environmental and social damage. This report, in the World Energy Outlook series, treats these aspirations and anxieties with equal seriousness. It features two new cases: a Golden Rules Case, in which the highest practicable standards are adopted, gaining industry a "social licence to operate"; and its counterpart, in which the tide turns against unconventional gas as constraints prove too difficult to overcome.

Description / Table of Contents: The world’s largest gas producer and exporter, Russia has an enormous energy saving potential. At least 30 billion cubic meters – a fifth of Russian exports to European OECD countries - could be saved every year by enhanced technology or energy efficiency. As the era of cheap gas in Russia comes to an end, this potential saving is increasingly important for Russians and importing countries. And as domestic gas prices increase, efficiency investments will become increasingly economic – not to mention the incentive for Gazprom to enhance its efficiency against a backdrop of high European gas prices. Optimising Russian Natural Gas: Reform and Climate Policy analyses and estimates the potential savings and the associated reductions in greenhouse gas emissions in the oil extraction (flaring), gas transmission and distribution sectors. Achieving these savings will require linking long-standing energy efficiency goals with energy sector reforms, as well as climate policy objectives. The book also describes Russia’s emerging climate policy and institutional framework, including work still ahead before the country is eligible for the Kyoto Protocol’s flexibility mechanisms and can attract financing for greenhouse gas reductions. Optimising Russian Natural Gas: Reform and Climate Policy stresses the need for Russia to tap the full potential of energy savings and greenhouse gas emission reductions through a more competitive environment in the gas sector to attract timely investments.

Description / Table of Contents: Modern biomass, and the resulting useful forms of bioenergy produced from it, are anticipated by many advocates to provide a significant contribution to the global primary energy supply of many IEA member countries during the coming decades. For non-member countries, particularly those wishing to achieve economic growth as well as meet the goals for sustainable development, the deployment of modern bioenergy projects and the growing international trade in biomass-based energy carriers offer potential opportunities.

Description / Table of Contents: The purpose of this report is to help EE practitioners, government officials and stakeholders to establish the most effective EE governance structures, given their specific country context. It also aims to provide readers with relevant and accessible information to support the development of comprehensive and effective governance mechanisms. The International Energy Agency (IEA) conducted a global review of many elements of EE governance,including legal frameworks, institutional frameworks, funding mechanisms, co-ordination mechanisms and accountability arrangements, such as evaluation and oversight. The research tools included a survey of over 500 EE experts in 110 countries, follow-up interviews of over 120 experts in 27 countries and extensive desk study and literature searches on good EE governance.

Description / Table of Contents: What impact will the return of high energy prices have on the fragile economic recovery? Will geopolitical unrest, price volatility and policy inaction defer investment in the oil sector and amplify risks to our energy security? What will renewed uncertainty surrounding the role of nuclear power mean for future energy and environmental trends? Is the gap between our climate actions and our climate goals becoming insurmountable? World Energy Outlook 2011 tackles these and other pressing questions. The latest data, policy developments, and the experience of another turbulent year are brought together to provide robust analysis and insight into global energy markets. WEO-2011 once again gives detailed energy demand and supply projections out to 2035, broken down by region, fuel, sector and scenario.

Description / Table of Contents: For the first time, the IEA has merged its medium-term market reports for oil and gas, thereby giving readers a broader perspective on global trends. Critical questions persist for both markets, including whether economic and energy demand outlooks are clearer than in mid-2009. For the first time, the IEA has merged its medium-term market reports for oil and gas, thereby giving readers a broader perspective on global trends. Critical questions persist for both markets, including whether economic and energy demand outlooks are clearer than in mid-2009. Do oil markets show a genuine structural shift in demand patterns? Will they sustain a nascent recovery in upstream spending evident in 2010? And how long will current levels of OPEC spare capacity persist? For the gas market, will demand recover from its collapse in 2009? How long will the gas glut last? Will unconventional gas revolutionise gas markets outside North America? And how is consumption changing in China, Russia and the Middle East? Medium-Term Oil and Gas Markets 2010 presents a comprehensive outlook for oil and gas market fundamentals over the next three to five years. The oil market analysis develops two demand scenarios that reflect uncertainties about the path of economic recovery after the global slow-down in 2008/09. Market balances are generated from detailed analysis of upstream investment projects, oil field decline rates, product-by-product demand trends, and refinery investment and operations. The gas market analysis assesses prices, unconventional gas, future demand developments and LNG markets, as well as investment across the gas value chain. With a focus on key producers (including Russia, the Caspian region and the Middle East) and rising LNG exporters (such as Australia), it examines implications for global gas markets.