Assessing the Optimal Contributions of Renewables and Carbon Capture and Storage toward Carbon Neutrality by 2050

Dinh Hoa Nguyen (), Andrew Chapman and Takeshi Tsuji
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Dinh Hoa Nguyen: International Institute for Carbon-Neutral Energy Research (I2CNER), Kyushu University, Fukuoka 819-0395, Japan
Andrew Chapman: International Institute for Carbon-Neutral Energy Research (I2CNER), Kyushu University, Fukuoka 819-0395, Japan
Takeshi Tsuji: Graduate School of Engineering, The University of Tokyo, Tokyo 113-8654, Japan

Sustainability, 2023, vol. 15, issue 18, 1-22

Abstract: Building on the carbon reduction targets agreed in the Paris Agreements, many nations have renewed their efforts toward achieving carbon neutrality by the year 2050. In line with this ambitious goal, nations are seeking to understand the appropriate combination of technologies which will enable the required reductions in such a way that they are appealing to investors. Around the globe, solar and wind power lead in terms of renewable energy deployment, while carbon capture and storage (CCS) is scaling up toward making a significant contribution to deep carbon cuts. Using Japan as a case study nation, this research proposes a linear optimization modeling approach to identify the potential contributions of renewables and CCS toward maximizing carbon reduction and identifying their economic merits over time. Results identify that the combination of these three technologies could enable a carbon dioxide emission reduction of between 55 and 67 percent in the energy sector by 2050 depending on resilience levels and CCS deployment regimes. Further reductions are likely to emerge with increased carbon pricing over time. The findings provide insights for energy system design, energy policy making and investment in carbon reducing technologies which underpin significant carbon reductions, while identifying potential regional social co-benefits.

Keywords: carbon neutrality; renewables; carbon capture and storage; emission trading system; optimization; socioeconomic analysis (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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