Integrated Ex-Ante Life Cycle Assessment and Techno-Economic Analysis of Biomass Conversion Technologies Featuring Evolving Environmental Policies
Date
2024-07-10
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Systems & Control Transactions
Abstract
Biorefineries can reduce carbon dioxide emissions while serving the global chemical demand market. Governments are also using carbon pricing policies, such as carbon taxes, cap-and-trade models, and carbon caps, as a strategy to reduce emissions. The use of biomass feedstocks in conjunction with carbon capture usage and storage technologies are mitigation strategies for global warming. Businesses can invest in these technologies to accommodate the adoption of these policies. Rapid action is necessary to halt global warming, which results in aggressive policies. In this work, a multi-period process design and planning problem is developed for the design and capacity expansion of biorefineries. The three carbon pricing policies are integrated into the model and parameters are selected according to the aggressive scenario denoted by the Paris Agreement. The results show that the cap-and-trade policy achieves a higher net present value evaluation over the carbon tax model across all pareto points due to the flexibility of the allowances in the cap-and-trade policy. The carbon cap model substantial investments are required in carbon capture technologies to adhere to the emissions constraints.
Description
This article was originally published in Systems and Control Transactions. The version of record is available at: https://doi.org/10.69997/sct.127765.
© 2024 by the authors. Licensed to PSEcommunity.org and PSE Press. This is an open access article under the creative commons CC-BY-SA licensing terms. Credit must be given to creator and adaptations must be shared under the same terms. See https://creativecommons.org/licenses/by-sa/4.0/
Keywords
biomass, life cycle analysis, process design, technoeconomic analysis, affordable and clean energy, responsible consumption and production, climate action
Citation
Huynh DT, Ierapetritou M. Integrated Ex-Ante Life Cycle Assessment and Techno-Economic Analysis of Biomass Conversion Technologies Featuring Evolving Environmental Policies. (2024). LAPSE:2024.1604