Toward practical application of the vulnerability evaluation framework for geological sequestration of carbon dioxide

A multi-disciplinary framework to monetize financial consequences arising from CCS projects and motivate effective financial responsibility

“…For example, the FutureGen Alliance risk assessment report contains much of the information necessary to inform a damages assessment (See DOE, 2007). Further, there is an array of independent organizations involved with CCS projects that have advanced the process of developing site-specific risk assessments (see, for example, Bacanskas et al, 2009;OSPAR, 2007;WRI, 2008;DOE, 2007). The risk data from these (and other) studies could be used to underpin a riskbased probabilistic modeling tool and the valuation of prospective financial consequences.…”

“…These ''impurities'' in the CO 2 release are included in the four steps described below. A notable body of literature has considered the impacts and consequences of CO 2 impurities and should be factored in this phase of the analysis (see, for example, IPCC, 2005; U.S. EPA, 2008;Bacanskas et al, 2009;WRI, 2008).…”

“…In addition, alternate projections for how each receptor might change in the future, e.g., population growth, increased density, are developed in order to gain a sense of how conditions at the GS site might change as the project moves forward and into the longer term future. The receptor information housed in the GIS are coupled with the CO 2 and impurity concentrations calculated in step 2 to generate probability distributions of the ''dose'' of CO 2 and impurities received by each human and environmental receptor group, at various points in the GS project lifetime (see U.S. EPA, 2008; Bacanskas et al, 2009).…”

“…There have been an increasing number of studies which have attempted to identify and assess the range of risks potentially related to CCS during the project lifecycle (see, for example, Bacanskas et al, 2009;OSPAR, 2007;WRI, 2008;DOE, 2007). However, none of these studies successfully extend their analyses to monetize the consequences if one or more of these risks materialize.…”

“…An introduction to damage assessment as applied to CCS CCS may adversely impact human health and the environment through a variety of pathways (see IPCC, 2005 for broad based discussion of these impacts, Korre et al, 2009 for a detailed assessment of impacts from the operational phase of a CO 2 capture unit, and Bacanskas et al, 2009 for how adverse impacts could impact human and ecological receptors during the lifecycle of a CO 2 storage operation). To better understand the potential damages that may arise at a CCS project, it is important to establish an understanding of the potential damages that may arise at a site throughout all stages of the CCS project, and if such damages do arise, the expected magnitude in dollar terms, as well as key drivers of these estimates.…”