JUSCARNIVALLI 2012

(Organized by College of Legal Studies, UPES, Dehra Dun.)

(On the Theme of)

OIL AND GAS

ABSTRACT SUBMISSION

(On the Subtheme of)

“Geological Carbon Sequestration: are the existing
legal and regulatory frameworks adequate?”

SUBMITTED BY
Author: Himanshu Choudhary
Co-author:-Sumit Kumar
Designation: Students
Institute of Law, Nirma University
SG highway,
Ahmedabad, Gujarat
Contact No: 9537691166
Email id: Choudharyh3@gmail.com
10bbl011@nirmauni.ac.in
10bbl57@nirmauni.ac.in
Title: - “Climate Change and Carbon Sequestration: Assessing a
Liability Regime for Long-Term Storage of Carbon Dioxide ”
Keywords: - Geological carbon storage, geologic sequestration, tort liability ,
natural gas act.

ABSTRACT TEXT : - As the world struggles with how to address climate change,
one of the most significant questions is how to reduce increasing levels of carbon
dioxide in the atmosphere. One promising technology is "carbon capture and
sequestration" (CCS) which consists of capturing carbon dioxide (CO2) emissions
from power plants and industrial sources and sequestering them in deep geologic
formations for long periods of time. Areas for potential CO2 sequestration include oil
and gas fields, saline aquifers, and coal seams.

This paper addresses three main questions: (i) What may energy supply look
like if one accounts for large-scale CO2 sequestration in the construction of long-term
energy and climate change scenarios; (ii) Suppose one hypothesizes a quantification
of the external environmental costs of CO2 sequestration, how do then these supposed
costs affect the evolution of the energy system during the 21st century.

In this research paper I am going to throw light on the magnitude issues that
will arise with CCS, we propose a regulatory framework based in part on the Natural
Gas Act to address these issues in connection with subsurface CO2 storage Our main
question is that, while these effects are generally likely to be relatively small, carbon
sequestration externalities do matter and influence the nature of future world energy
supply and consumption. More importantly, since geological carbon storage
(depending on the method employed) may in some cases have substantial external
impacts, in terms of both environmental damage and health risks, it is recommended
that extensive studies are performed to quantify these effects.