Work

Public demand for carbon capture and storage varies with information, development magnitude and prior familiarity

Year: 2024

Type: article

Abstract: Carbon capture and storage is vital to reduce greenhouse gas emissions, albeit research on the public willingness to pay for it remains limited. Here we address this gap by considering information effects, development magnitude effects and prior familiarity relations on willingness to pay towards carbon capture and storage. Based on national-wide online survey targeting Danish public, conducted from June to August 2022, the contingent valuation method is employed. The study reveals that, irrespective of CO2 reduction goals, enhancing familiarity with carbon capture storage can influence public support. Additionally, we estimate willingness to pay elasticities related to development magnitude using a scope test, ensuring economic significance and validity of our findings. Ultimately, this study provides valuable insights for policymakers and stakeholders, supporting and enabling the design of effective strategies to promote public support for carbon capture and storage, and contribute to global climate change mitigation efforts. Regardless of Denmark’s carbon dioxide emission reduction goal, knowledge and familiarity influence public support and willingness to pay for carbon capture and storage, according to an online survey and econometric model analysis.

Source: Communications Earth & Environment

DOI: 10.1038/s43247-024-01900-y

Authors: Jiwon Kim, Jacob Ladenburg

Institution: Technical University of Denmark

Language: English

Topic: Economic and Environmental Valuation

Subfield: Economics and Econometrics

Field: Economics, Econometrics and Finance

Domain: Social Sciences

SDG: Climate action

Open Access status: gold

Estimated APC paid: $3,290