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Climate change is the overriding environmental challenge of our time. It requires resolved action from the international business community.
As a user of fossil fuels, Vattenfall is one of the owners of the climate change issue. Therefore, we have a responsibility to take initiatives and lead the way. We want to be a good force in society, recognised for our efforts to find solutions, not for being part of the problem. Such an approach adds value to Vattenfall, to our customers and to society as whole. To capture and store carbon dioxide produced in connection with the combustion of fossil fuels might be an important part of the solution. A commercial breakthrough for this technology will make it possible to use fossil fuels. CCS at fossil fuelled power plants would provide us with breathing space by building a bridge to the future. Vattenfall has taken a leading position in the European development work in this field. Our ambition is that this technique should become fully commercialized by 2020 and that the cost of capture and storage should be cut to EUR 20 per tonne of carbon dioxide. This presupposes that storage can take place in a manner acceptable to society, and also that a set of legal regulations are in place and an emission trading system that sets a price on carbon dioxide emissions is operative.
Lars G Josefsson, President and CEO
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