New Report Finds Carbon Capture And Storage Far Too Expensive
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Carbon capture projects are too costly, have ‘questionable’ benefits, report finds
Technology the oil industry is counting on to reduce emissions–carbon capture and storage–is too expensive and difficult to deploy quickly enough to help Canada meet its climate commitments, a global environmental think tank says. Relying on carbon capture and storage to cut greenhouse gases from oil and gas production will mean large public subsidies for projects that are unable to compete on costs against expanding renewable energy sources, rendering the benefits "questionable," the International Institute for Sustainable Development said in a report released Thursday.
CCS Can't Compete with Renewables, Won't Deliver by 2030, Report Finds
Carbon capture and storage may have an important role to play in hard-to-decarbonize sectors like iron and steel, but won't pay off for oil and gas companies without continuing government subsidies, the International Institute for Sustainable Development (IISD) concludes in an analysis released this week.
Report finds carbon capture's 'stubbornly high' prices are likely here to stay
Canada's oil and gas industry says costly technology it plans to use to reduce its climate footprint requires more investments from the federal government. If governments lend a hand now, the industry maintains the technology will become more affordable over time as more projects proceed, but a new analysis casts doubt on that claim. "Carbon capture and storage is expensive, and the costs are not likely to come down in the timeframe needed to meet our climate targets," said Laura Cameron, one of the report's three authors and a policy adviser for the International Institute for Sustainable Development.
Burning Billions: Record public money for fossil fuels impeding climate action
This briefing provides the latest evidence on how the world is aligning public financial flows with the need to reduce GHG emissions.