Investment Strategy Analysis Of CCUS Project-Considering Financial Support

In order to control greenhouse gas emissions,more than 130 countries and regions have proposed "carbon neutral" climate targets.Carbon Capture Utilization and Storage(CCUS)technology is a feasible scheme to achieve low Carbon emission reduction under the background of ensuring economic development and energy security.However,due to the impact of technological immaturity,economic uncertainty,uncertain financial support policies and other factors,the development of CCUS industry in China is far below the expected level.Therefore,it is particularly important to formulate scientific financial support policies to promote CCUS technology development.In this paper,debt financing is introduced into the CCUS project investment decision-making framework of coal-fired power plants.Considering factors such as technological progress,economic uncertainty and financial support policies,a CCUS project investment decision-making model based on real options theory is constructed.Optimal investment value and optimal investment timing,clarified the synergistic effect of debt financing and subsidy support.According to the study,the participation of debt financing can improve the optimal investment value of CCUS projects and trigger investment in the context of low oil prices.When the ratio of debt financing increases,CCUS projects can trigger investment with lower subsidies,but more subsidies need to be added to advance the investment time.Finally,this paper analyzes the subsidy intensity required by CCUS projects financed by carbon emission reduction support tools to trigger investment in each period,and concludes that CCUS costs are too high before 2030,and it is appropriate to establish pilot projects to accumulate experience.2030 to 2035 is the window period for CCUS project investment,which is suitable for commercial promotion.After 2035,CCUS costs fall further,with debt financing contributing most to the reduction in required subsidies.This study is expected to provide a decision-making reference and tool method for the government to design various stages of CCUS industrial financial support.