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An International Regulatory Framework for Risk Governance of Carbon Capture and Storage

Author

Listed:
  • Vajjhala, Shalini

    (Resources for the Future)

  • Gode, Jenny
  • Torvanger, Asbjørn

Abstract

This essay was prepared as part of a workshop on carbon capture and sequestration held by the International Risk Governance Council (IRGC) in Washington, DC, from March 15–16, 2007. The goal of the workshop was to bring together researchers, practitioners, and regulators from Europe, the United States, and Australia to outline the attributes that an effective regulatory regime for carbon capture and storage should possess. This essay focuses specifically on providing an overview of eight fundamental elements that we believe any effective international and national regulatory structure must address: 1) classification of carbon dioxide (CO2); 2) oversight of CO2 capture and storage; 3) site ownership and storage rights; 4) site operation and management; 5) long-term management and liability; 6) regulatory compliance and enforcement; 7) links to CO2 markets and trading mechanisms; and 8) risk communication and public acceptance. This essay is one of 12 collected for the workshop, and the recommendations herein are the views of the authors and do not reflect the views of their agencies, the IRGC, or specific workshop discussions.

Suggested Citation

  • Vajjhala, Shalini & Gode, Jenny & Torvanger, Asbjørn, 2007. "An International Regulatory Framework for Risk Governance of Carbon Capture and Storage," RFF Working Paper Series dp-07-13-rev, Resources for the Future.
    • Handle: RePEc:rff:dpaper:dp-07-13-rev
    as

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    File URL: http://www.rff.org/rff/documents/RFF-DP-07-13-REV.pdf
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    References listed on IDEAS

    as
    1. Minh Ha-Duong & David Keith, 2003. "Carbon storage: the economic efficiency of storing CO2 in leaky reservoirs," Post-Print halshs-00003927, HAL.
    2. M. Figueiredo & D. Reiner & H. Herzog, 2005. "Framing the Long-Term In Situ Liability Issue for Geologic Carbon Storage in the United States," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 10(4), pages 647-657, October.
    3. מחקר - ביטוח לאומי, 2006. "Summary for 2005," Working Papers 29, National Insurance Institute of Israel.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    carbon sequestration; geologic storage; risk; regulation;
    All these keywords.

    JEL classification:

    • Q38 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Government Policy (includes OPEC Policy)
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy

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