Risk assessment workshop: Mediterranean CCUS value chain - July 2024
richardl
419 view(s)
CCUS ZEN’s Work Package 4 (WP4) is looking at the development of CCUS value chains and local business models.
As part of the WP4 activities coordinated by Technip Energies and Genesis, Genesis organised a project workshop to identify, rank and mitigate project risks that could impact the proposed Mediterranean CCUS value chain development. The one-day workshop took place in Paris, France on the 1 July 2024, and included almost 20 participants representing the various entities/companies involved in the project. These included Genesis, TalTech, Ramboll, SINTEF, Axelera, Polish Geological Institute, IOM Law, University of Jyväskylä, BRGM, CO2 Value Europe, Perspectives, METU, SCCS.
The Mediterranean CCUS value chain is in the early stages of its definition. Early-stage risk assessments are key to ensuring that critical risks are addressed early, and mitigation measures are identified and put in place from the start. A methodology involving a 5x5 risk assessment matrix was used to identify, evaluate and prioritise risks based on their likelihood and impact. The aim was also to identify and prioritise mitigation actions based on the criticality of the risk. The likelihood referred to the probability or chance of a risk occurring, while severity related to the potential impact or consequences of that risk.
The scope of the assessment included a wide range of topics such as financial and project risks (regulations, economics, partnerships, etc.), technical and design risks along the whole value chain, environmental impact, social and local community acceptance, safety and security risks, etc.
The workshop was led by Genesis and involved the review of the pre-populated Risk Register related to the proposed Mediterranean CCUS Value chain. Interactions were very positive all throughout the workshop, and each partner was able to contribute with their specific know-how and recommendations. Collaborative work allowed for the completion and finalization of the assessment.
The next steps will be to summarise the key risks and opportunities along with the main recommendations within the the WP4 deliverable D4.2, to be issued later this year.
Risk score and classification, according to 5x5 Risk Matrix method
CCUS ZEN’s Work Package 4 (WP4) is looking at the development of CCUS value chains and local business models.
As part of the WP4 activities coordinated by Technip Energies and Genesis, Genesis organised a project workshop to identify, rank and mitigate project risks that could impact the proposed Mediterranean CCUS value chain development. The one-day workshop took place in Paris, France on the 1 July 2024, and included almost 20 participants representing the various entities/companies involved in the project. These included Genesis, TalTech, Ramboll, SINTEF, Axelera, Polish Geological Institute, IOM Law, University of Jyväskylä, BRGM, CO2 Value Europe, Perspectives, METU, SCCS.
The Mediterranean CCUS value chain is in the early stages of its definition. Early-stage risk assessments are key to ensuring that critical risks are addressed early, and mitigation measures are identified and put in place from the start. A methodology involving a 5x5 risk assessment matrix was used to identify, evaluate and prioritise risks based on their likelihood and impact. The aim was also to identify and prioritise mitigation actions based on the criticality of the risk. The likelihood referred to the probability or chance of a risk occurring, while severity related to the potential impact or consequences of that risk.
The scope of the assessment included a wide range of topics such as financial and project risks (regulations, economics, partnerships, etc.), technical and design risks along the whole value chain, environmental impact, social and local community acceptance, safety and security risks, etc.
The workshop was led by Genesis and involved the review of the pre-populated Risk Register related to the proposed Mediterranean CCUS Value chain. Interactions were very positive all throughout the workshop, and each partner was able to contribute with their specific know-how and recommendations. Collaborative work allowed for the completion and finalization of the assessment.
The next steps will be to summarise the key risks and opportunities along with the main recommendations within the the WP4 deliverable D4.2, to be issued later this year.