There is a lack of widespread interest in slow pyrolysis biochar pathways relative to other bioenergy pathways because of the perceived absence of biochar's market value when produced at a commercial scale. Thus, most refereed techno‐economic analyses focus on fast pyrolysis. This study quantifies the carbon price point at which the economic feasibility of the slow‐pyrolysis pathway for biochar production is equal to or greater than a fast‐pyrolysis pathway for biochar and biofuel production using baseline minimum carbon prices (MCP). These factors are then modeled under uncertainty to generate stochastic cash flows for the calculation of a 20‐year net present value and carbon abatement cost probability distributions. This article examines whether a slow‐pyrolysis pathway is ever more financially attractive than a fast‐pyrolysis pathway at realistic carbon prices. The results show fast pyrolysis to fuels and biochar achieving the lowest baseline MCP of $61.38/Mg, while the slow pyrolysis to biochar and methanol at 450 °C scenario yields the highest baseline MCP of $642.40/Mg. A notable result is the baseline MCP for the slow pyrolysis to biochar scenario achieving $123.48/Mg, when compared with the fast pyrolysis to fuels and electricity scenario, resulting in a baseline MCP of $182.03/Mg. The results suggest that carbon prices, when high enough, can incentivize biochar carbon sequestration produced from slow‐pyrolysis pathways rather than carbon abatement with biofuels, and that slow pyrolysis to biochar and methanol scenarios require a higher baseline MCP and are less financially competitive than the other pathways. © 2020 Society of Chemical Industry and John Wiley & Sons, Ltd

中文翻译：

---

不确定条件下通过热解生产生物炭和生物燃料之间的财务权衡

相对于其他生物能源途径，人们对慢速热解生物炭途径缺乏广泛的兴趣，因为当以商业规模生产时，认为缺乏生物炭的市场价值。因此，大多数引用的技术经济分析都集中在快速热解上。这项研究使用基准最低碳价（MCP）量化了生物炭生产的慢速热解途径的经济可行性等于或大于生物炭和生物燃料生产的快速热解途径的经济可行性的碳价点。然后在不确定性下对这些因素进行建模，以生成随机现金流量，以计算20年的净现值和碳减排成本的概率分布。本文研究了在现实的碳价下，慢速热解途径是否比快速热解途径更具经济吸引力。结果显示，对燃料和生物炭的快速热解达到最低基线MCP为61.38美元/ Mg，而在450°C情况下对生物炭和甲醇的缓慢热解产生最高基线MCP为642.40美元/ Mg。一个显着的结果是，慢速热解至生物炭情景的基准MCP达到$ 123.48 / Mg，而快速热解至燃料和电力情景的基准MCP为$ 182.03 / Mg。结果表明，碳价只要足够高，就可以激励缓慢热解途径产生的生物碳固存，而不是利用生物燃料来消除碳，而且热解速度缓慢到生物炭和甲醇的情况需要更高的基线MCP，并且比其他途径的经济竞争力更差。©2020年化学工业协会和John Wiley＆Sons，Ltd