International Risk Governance Council

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The International Risk Governance Council describes itself as an organization which aims to "help the understanding and management of emerging global risks that have impacts on human health and safety, the environment, the economy and society at large."[1]

Support for the Inclusion of Carbon and Capture Storage in the Clean Development Mechanism

In a May 2007 submission, the IRGC stated general support for the inclusion of CCS in the CDM "provided appropriate modalities and procedures for considering CCS projects are established. However, questions arise about whether the emission reductions as a consequence of CCS are measurable and predictable with sufficient certainty. Although there are remaining unknowns, the level of existing knowledge in the field of site selection and characterization, risk assessment and management, and monitoring techniques is substantial, and should not be downplayed. Bringing CCS under the CDM should be done in a careful manner, and the approval processes should be designed in such a way as to allow for flexibility of improvements as the knowledge and experience on CCS increase."[2]

While noting the potential of CCS to store large volumes of carbon dioxide over long periods of time, it acknowledged that the financial issues arising from it for developing countries were substantial. The high cost of CCS projects, it stated, "are beyond the ability of many developing countries - potentially requiring a different CDM budget to attract new types of industry participation and enable independent technical assistance to referee licensing and site assessment", that the costs of long-term monitoring may need to be borne by the developer and that there could be the need to "remove risk from the developing country" by way of "novel forms of long-term financial bond, or insurance, from the project developer."[2] (See Clean Development Mechanism and Carbon Capture and Storage for more details).


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  1. International Risk Governance Council, "Mission and objective", International Risk Governance Council website, accessed August 2008.
  2. 2.0 2.1 International Risk Governance Council , "Regarding Carbon Capture and Storage as a Clean Development Project Mechanism", May 31, 2007.

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