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Hardcover | $50.00 X | £41.95 | 376 pp. | 6 x 9 in | 0 | April 2017 | ISBN: 9780262035590
eBook | $35.00 X | April 2017 | ISBN: 9780262337304
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Carbon Capture and Storage

Efficient Legal Policies for Risk Governance and Compensation

Overview

Carbon capture and storage (CCS) systems inject highly compressed carbon dioxide gas deep into geological formations in order to contain the gas, and its harmful effects on the planet, for the foreseeable future and beyond—for centuries or even millennia. Used effectively, CCS could lessen the impact of climate change while carbon-free energy sources are developed. And yet CCS is not widely deployed. In this book, Michael Faure and Roy Partain offer a theoretical and practical discussion of one of the main obstacles to CCS adoption: complex liability and compensation issues.

Faure and Partain point out that current liability rules are unclear in their application to CCS. Causation is complicated, and the timeline of hundreds of years goes beyond the lifetimes of people or corporations. Examining the subject from legal and economic perspectives, they consider whether rules of civil liability can govern CCS risk; how a liability system might address the open-ended timeline; what role public and private regulatory measures could play; and whether compensation should be provided from public or private resources. They investigate the utility of different forms of insurance and of such financial tools as guarantees, deposits, and catastrophe bonds. They offer not only a rigorous framework for assessing policy but also a summary of policy recommendations they develop from their findings.

About the Authors

Michael G. Faure is Professor of Comparative and International Environmental Law at Maastricht University and Academic Director of the Maastricht European Institute for Transnational Legal Research.

Roy A. Partain is Reader at the University of Aberdeen School of Law.

Endorsements

“Carbon capture and storage (CCS) seems to promise a way to avoid emitting greenhouse gases while still using fossil fuels—but it also poses risks that may persist very long into the future. In this utterly impressive book, Michael Faure and Roy Partain have crafted a highly detailed and carefully thoughtful analysis of the complicated choices in designing policy, liability, and compensation systems to govern CCS. This volume is an essential resource on climate policy and CCS liability.”
Jonathan B. Wiener, Perkins Professor of Law, Public Policy and Environmental Policy, Duke University
“This book’s main contribution is the systematic application of a law and economics analysis to the design of a liability regime for a new technology—carbon capture and storage (CCS). It should be of interest to people in government policy circles and within the insurance sector as well as academics.”
Nigel Bankes, Professor of Law, Universities of Calgary and Tromsø