A Techno-Economic Analysis on Reactive Capture and Conversion Using Contingent Valuation Method

Abstract

This study estimated the willingness-to-pay (WTP) for the development and promotion of reactive capture and conversion (RCC) technology in South Korea using the contingent valuation method. RCC is an emerging technology that integrates CO₂ capture and conversion processes, potentially offering economic and environmental benefits over traditional carbon capture, utilization, and storage methods. A survey of 1032 respondents was conducted using the one-and-one-half bounded dichotomous choice format with a spike model. The results indicate an average annual WTP of KRW 4697 (USD 3.58) per household per month for 5 years, translating to a total national WTP of KRW 561.65 billion (USD 427.82 million). Demographic analysis reveals that women and residents of metropolitan areas have a higher WTP. Interestingly, the level of prior knowledge about RCC did not significantly affect WTP, possibly due to the prevalent belief that climate change mitigation is primarily a government responsibility. This study provides the first socioeconomic valuation of RCC technology, offering valuable insights for policymakers and researchers. The findings suggest substantial public support for RCC development, highlighting its potential as a key strategy in South Korea's climate change mitigation efforts. However, to increase public acceptance and investment in RCC, there is a need for broader discussions on individual roles in addressing climate change, alongside government initiatives.