China has been building at least 50 gigawatt (GW) of new coal-fired power plants every year since 2004. In the absence of CO2 capture ready (CCR) designs, a large fraction of new coal power plants built in the next decade could face ‘carbon lock-in’. Building on the existing engineering and...

A capture option is an option contract where the option holder can exercise a contract to retrofit an existing fossil fuel plant to capture carbon dioxide (rm CO₂) on or before a fixed date. We suggest that new thermal power plants, particularly those in developing countries, consider issuing...