News alerts: oil nears 110$; WWF report on carbon offsets; carbon capture not so costly 11 March, 2008
Posted by Willy De Backer in Carbon capture and storage, Peak oil, carbon offsets.trackback
- The price of crude oil reached another record on Tuesday, coming very close to 110 dollar per barrel. Where is the “demand destruction” which all smart economists promised us if prices would rise to over 100 dollar. At least some experts remain believable. Last week, Goldman Sachs (the company that predicted 100 dollar oil way back in 2005) said oil prices could climb as high as 200 dollar in case of a “major disruption”.
- WWF has published an excellent analysis of the voluntary carbon offset market. The study provides a very comprehensive comparison of different currently available carbon offset standards using the Clean Development Mechanism (CDM) as a benchmark. It lists the advantages but also the weak points of these instruments. Mandatory reading for anyone interested in the new carbon markets.
- Reuters reports that the International Energy Agency is more upbeat about carbon capture and storage than the big energy companies. According to a report which the IEA will publish in the near future, CCS is less expensive than companies fear. The IEA estimated the costs for CCS at 50 dollar per CO2 tonne. Royal Dutch Shell has recently claimed that it would cost close to 100 dollar per tonne.
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