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Royal Dutch Shell CEO Jeroen van der Veer wants incentives for carbon storage

EUX-TV: Shell CEO wants incentives for carbon storage

Monday, April 07, 2008 at 11:47

BRUSSELS (EUX.TV) — Royal Dutch Shell Plc on Monday called on European governments and EU law-makers to speed up legislation that gives the industry incentives to store carbon-dioxide underground. Companies that apply carbon-storage should be able to earn credits in the emissions trading system (ETS), the oil giant said.

In a speech due to be held tonight, Jeroen van der Veer, chief executive of the company, said that carbon storage, known as CCS, is not to be considered as an option for reducing emissions if companies are not given incentives.

“Because CO2 capture and storage adds costs and yields no revenues, government action is needed to support and stimulate investment quickly on a scale large enough to affect global emissions,” Van der Veer said in a copy of the speech that was posted on the company’s website.

Capturing Carbon – A new front in the fight against climate change:

“At the very least, companies should earn carbon credits for the CO2 they capture and store,” he said.

“We would support CCS projects being granted credits for the CO2 they capture and store, tradable in the ETS market. This could provide the necessary incentive to trigger private sector investment and make CCS happen today,” Van der Veer said in his speech.

Other speakers at the ‘Friends of Europe’ conference on Monday will be the EU’s foreign policy chief Javier Solana, Luxembourg MEP Claude Turmes and representatives of the European Commission and the International Energy Agency. ‘Friends of Europe’ is a group that allows representatives of European industries to engage directly in debate with EU lawmakers.

— From the EUX.TV newsroom [email protected] (has link to YouTube video clip)

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