IDEAS home Printed from https://ideas.repec.org/a/eee/rensus/v93y2018icp753-758.html
   My bibliography  Save this article

CO2 leakage environmental damage cost – A CCS project in South Korea

Author

Listed:
  • Lee, Joo Suk
  • Choi, Eun Chul

Abstract

The safety of CCS, namely the prevention of CO2 leakage, is one of the most sensitive issues in the CCS project. In order to solve this issue efficiently, the knowledge of environmental damage cost of CO2 leakage, in advance of CCS project, is indispensable. Therefore, this study estimates this cost by employing a contingent valuation (CV) method with data collected from a nationwide survey in South Korea. In addition, numerous zero willingness to pay (WTP) responses were dealt thorough the spike model in setting one-and-one-half-bound dichotomous choice data (OOHBDC). The estimate of the annual mean WTP was 2645.9 Korean won (USD 2.4), while the annual mean WTP is 3489.8 Korean won (USD 3.2) for those supporting the introduction of CCS technology in South Korea. The environmental damage cost of CO2 leakage was 49.5 billion Korean won (USD 45.0 million) annually.

Suggested Citation

  • Lee, Joo Suk & Choi, Eun Chul, 2018. "CO2 leakage environmental damage cost – A CCS project in South Korea," Renewable and Sustainable Energy Reviews, Elsevier, vol. 93(C), pages 753-758.
    • Handle: RePEc:eee:rensus:v:93:y:2018:i:c:p:753-758
    DOI: 10.1016/j.rser.2018.04.074
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1364032118302934
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.rser.2018.04.074?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Sun, Chuanwang & Zhu, Xiting, 2014. "Evaluating the public perceptions of nuclear power in China: Evidence from a contingent valuation survey," Energy Policy, Elsevier, vol. 69(C), pages 397-405.
    2. Catherine L. Kling & Daniel J. Phaneuf & Jinhua Zhao, 2012. "From Exxon to BP: Has Some Number Become Better Than No Number?," Journal of Economic Perspectives, American Economic Association, vol. 26(4), pages 3-26, Fall.
    3. Christine A. Kennedy, 2002. "Revealed preference valuation compared to contingent valuation: radon‐induced lung cancer prevention," Health Economics, John Wiley & Sons, Ltd., vol. 11(7), pages 585-598, October.
    4. Kenshi Itaoka & Aya Saito & Alan Krupnick & Wiktor Adamowicz & Taketoshi Taniguchi, 2006. "The Effect of Risk Characteristics on the Willingness to Pay for Mortality Risk Reductions from Electric Power Generation," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 33(3), pages 371-398, March.
    5. Einsiedel, Edna F. & Boyd, Amanda D. & Medlock, Jennifer & Ashworth, Peta, 2013. "Assessing socio-technical mindsets: Public deliberations on carbon capture and storage in the context of energy sources and climate change," Energy Policy, Elsevier, vol. 53(C), pages 149-158.
    6. Lee, Joo-Suk & Yoo, Seung-Hoon, 2009. "Measuring the environmental costs of tidal power plant construction: A choice experiment study," Energy Policy, Elsevier, vol. 37(12), pages 5069-5074, December.
    7. Kraeusel, Jonas & Möst, Dominik, 2012. "Carbon Capture and Storage on its way to large-scale deployment: Social acceptance and willingness to pay in Germany," Energy Policy, Elsevier, vol. 49(C), pages 642-651.
    8. Joseph C. Cooper & Michael Hanemann & Giovanni Signorello, 2002. "One-and-One-Half-Bound Dichotomous Choice Contingent Valuation," The Review of Economics and Statistics, MIT Press, vol. 84(4), pages 742-750, November.
    9. Roberts, Roland K. & Douglas, Peggy V. & Park, William M., 1991. "Estimating External Costs of Municipal Landfill Siting Through Contingent Valuation Analysis: A Case Study," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 23(2), pages 155-166, December.
    10. Roberts, Roland K. & Douglas, Peggy V. & Park, William M., 1991. "Estimating External Costs Of Municipal Landfill Siting Through Contingent Valuation Analysis: A Case Study," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 23(2), pages 1-11, December.
    11. Krinsky, Itzhak & Robb, A Leslie, 1986. "On Approximating the Statistical Properties of Elasticities," The Review of Economics and Statistics, MIT Press, vol. 68(4), pages 715-719, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Salas, D.A. & Boero, A.J. & Ramirez, A.D., 2024. "Life cycle assessment of bioenergy with carbon capture and storage: A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 199(C).
    2. Kim, Ju-Hee & Lim, Seul-Ye & Yoo, Seung-Hoon, 2021. "Public preferences for introducing a power-to-heat system in South Korea," Renewable and Sustainable Energy Reviews, Elsevier, vol. 151(C).
    3. Sharif, Arshian & Mishra, Shekhar & Sinha, Avik & Jiao, Zhilun & Shahbaz, Muhammad & Afshan, Sahar, 2020. "The renewable energy consumption-environmental degradation nexus in Top-10 polluted countries: Fresh insights from quantile-on-quantile regression approach," Renewable Energy, Elsevier, vol. 150(C), pages 670-690.
    4. Liu, Bingsheng & Xu, Yinghua & Yang, Yang & Lu, Shijian, 2021. "How public cognition influences public acceptance of CCUS in China: Based on the ABC (affect, behavior, and cognition) model of attitudes," Energy Policy, Elsevier, vol. 156(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Massimo Filippini & Adán L. Martínez-Cruz, 2016. "Impact of environmental and social attitudes, and family concerns on willingness to pay for improved air quality: a contingent valuation application in Mexico City," Latin American Economic Review, Springer;Centro de Investigaciòn y Docencia Económica (CIDE), vol. 25(1), pages 1-18, December.
    2. JongRoul Woo & Sesil Lim & Yong-Gil Lee & Sung-Yoon Huh, 2018. "Financial Feasibility and Social Acceptance for Reducing Nuclear Power Plants: A Contingent Valuation Study," Sustainability, MDPI, vol. 10(11), pages 1-16, October.
    3. Sardana, Kavita, 2019. "Tourists' Willingness to Pay for Restoration of Traditional Agro-forest Ecosystems Providing Biodiversity: Evidence from India," Ecological Economics, Elsevier, vol. 159(C), pages 362-372.
    4. Zhao, Xiaoli & Cai, Qiong & Ma, Chunbo & Hu, Yanan & Luo, Kaiyan & Li, William, 2017. "Economic evaluation of environmental externalities in China’s coal-fired power generation," Energy Policy, Elsevier, vol. 102(C), pages 307-317.
    5. Toshiaki Sasao, 2004. "Analysis of the socioeconomic impact of landfill siting considering regional factors," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 6(2), pages 147-175, June.
    6. Peter A. Groothuis & Gail Miller, 1994. "Locating Hazardous Waste Facilities: The Influence of NIMBY Beliefs," American Journal of Economics and Sociology, Wiley Blackwell, vol. 53(3), pages 335-346, July.
    7. Kwak, So-Yoon & Yoo, Seung-Hoon, 2015. "The public’s value for developing ocean energy technology in the Republic of Korea: A contingent valuation study," Renewable and Sustainable Energy Reviews, Elsevier, vol. 43(C), pages 432-439.
    8. Lee, Juyong & Cho, Youngsang, 2020. "Estimation of the usage fee for peer-to-peer electricity trading platform: The case of South Korea," Energy Policy, Elsevier, vol. 136(C).
    9. So-Yeon Park & Ju-Hee Kim & Jungkwan Seo & Seung-Hoon Yoo, 2022. "Evaluating the Economic Benefits of Tightening Regulations on the Use of Toluene, a Hazardous Chemical, in South Korea," Sustainability, MDPI, vol. 14(11), pages 1-15, May.
    10. Kim, GwanSeon & Petrolia, Daniel R. & Interis, Matthew G., 2012. "A Method for Improving Welfare Estimates from Multiple-Referendum Surveys," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 37(2), pages 1-12, August.
    11. Lee, Gunwoo & Kim, Soo-Yeob & Lee, Min-Kyu, 2015. "Economic evaluation of vessel traffic service (VTS): A contingent valuation study," Marine Policy, Elsevier, vol. 61(C), pages 149-154.
    12. Lim, Seul-Ye & Kim, Hyo-Jin & Yoo, Seung-Hoon, 2017. "Public's willingness to pay a premium for bioethanol in Korea: A contingent valuation study," Energy Policy, Elsevier, vol. 101(C), pages 20-27.
    13. Thomas C. Kinnaman & Don Fullerton, 2002. "The Economics of Residential Solid Waste Management," Chapters, in: Don Fullerton & Thomas C. Kinnaman (ed.), The Economics of Household Garbage and Recycling Behavior, chapter 1, pages 1-48, Edward Elgar Publishing.
    14. Vondolia, Godwin K. & Hynes, Stephen & Armstrong, Claire W. & Chen, Wenting, 2021. "Subjective well-being and stated preferences: Explorations from a choice experiment in Norway," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 91(C).
    15. Paul Mwebaze & Jeff Bennett & Nigel W. Beebe & Gregor J. Devine & Paul Barro, 2018. "Economic Valuation of the Threat Posed by the Establishment of the Asian Tiger Mosquito in Australia," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 71(2), pages 357-379, October.
    16. Ana Faria Lopes & Gorm Kipperberg, 2020. "Diagnosing Insensitivity to Scope in Contingent Valuation," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 77(1), pages 191-216, September.
    17. Corsi, Alessandro, 2012. "Willingness-to-pay in terms of price: an application to organic beef during and after the “mad cow” crisis," Revue d'Etudes en Agriculture et Environnement, Editions NecPlus, vol. 92(01), pages 25-46, October.
    18. Zhou, Hui & Bukenya, James O., 2016. "Information inefficiency and willingness-to-pay for energy-efficient technology: A stated preference approach for China Energy Label," Energy Policy, Elsevier, vol. 91(C), pages 12-21.
    19. Ju-Hee Kim & Ga-Eun Kim & Seung-Hoon Yoo, 2018. "A Valuation of the Restoration of Hwangnyongsa Temple in South Korea," Sustainability, MDPI, vol. 10(2), pages 1-7, January.
    20. Song, Tae-Ho & Lim, Kyoung-Min & Yoo, Seung-Hoon, 2015. "Estimating the public’s value of implementing the CO2 emissions trading scheme in Korea," Energy Policy, Elsevier, vol. 83(C), pages 82-86.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:rensus:v:93:y:2018:i:c:p:753-758. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/wps/find/journaldescription.cws_home/600126/description#description .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.