The year 2020 has been one of a kind, that is undeniable. Yet, not only has the pandemic caused us to rethink, but also to act on issues like lockdowns, travel restrictions, climate change and government policies. Many governments around the world have set ambitious climate targets, not only to meet the requirements under the Paris agreement, but also to exceed them.
No single energy source is carbon-free. Despite that, no metric that offers insights into comparative costs across multiple energy types includes carbon emission costs.
In order to account for these emission costs, the Electrifying team has derived a factor that can be added to existing metrics such as levelized costs of energy (LCOE), levelized avoided costs of electricity (LACE), and value adjusted levelized costs of energy (VALCOE), among others.
Carbon Capture and Storage (CCS) can be practised in two ways, naturally and mechanically. The natural approach is much about planting additional trees, algae in the sea or even the most giant creatures on earth, whales, contribute to natural CCS by consuming massive amounts of carbon within their lifespan of up to a century. The mechanical procedure mainly focusses on capturing waste CO2 from abundant point sources, such as cement factories or biomass power plants (for more detailed information on biomass check out our blog post Biomass – Renewable Energy by burning our forests?).