What Makes Good Regulation of CCS
The 19th Asia CCUS Network Knowledge Sharing Conference
CCUS projects in the Asia region are beginning their development towards commercial viability and scalability. Two or three projects are expected to commence operations just before 2030. However, the commercial success of these projects is contingent upon a regulatory framework that is currently being developed. The success of CCUS initiatives in the region will depend on how effectively this regulatory framework can facilitate the deployment of commercial CCUS projects. In other words, the region's success with CCUS projects hinges on its ability to establish robust regulations.
Experts in effective regulation assert that good regulation comprises focused goal-setting, supported by detailed guidance and a credible regulatory body with technical expertise. Several criteria for good regulation have been formulated through efforts to improve regulatory practices and reduce the regulatory burden on industry and the economy. These criteria may include:
High public trust, with regulations built upon robust public consultation and expert engagement.
The availability of highly skilled regulators to support implementation.
Strong monitoring and enforcement powers, combined with a collaborative approach to regulating large firms, ensuring these powers are rarely needed in practice.
A risk-based approach, where the rigor of regulation is proportionate to the risks involved and supports both economic growth and ethical standards.
For global issues such as CCUS and climate change, effective regulation necessitates substantial international engagement with regulators and policymakers worldwide.