The European Union would initiate the process of consultation regarding the delivery of finance and technology to china and later to India.
Carbon Capture and Storage (CCS), which is the process of burying harmful gasses, would be a potential way to reduce the carbon emission from coal-fired power plants, which leads to heat the atmosphere to dangerous levels.
A report prepared for consultations with industry and seen by Reuters, said: China builds, every year, as much coal-fired power plant as the entire UK generating capacity. Unless a way can be found of making this climate-compatible, we can never meet our climate objectives, regardless of what action we take in Europe.
Of the existing EU development funding, the Commission’s EU-China Near Zero Emissions Coal (NZEC) proposal would primarily invest approximately EUR60m ($84m) and would look for industry and taxpayers support.
The consultations report added that: It is likely that the CCS component of the Chinese NZEC demonstration project alone will cost in total around EUR300m. We will seek to garner financial support from member states for this initiative, which in the first instance will affect China, then India, South Africa, OPEC and other emerging economies and developing countries.”
The report revealed that 60% of the CO2 emitted from the power plants is expected to be captured in 2050, and around 30% in 2030.
