It's another delaying tactic for utility and oil companies for just one more quarter just one more quarter just one more quarter of profits. But hey, if they can get some more free money from DOE for another shot of hopium, whatever.
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However, despite what the oil and gas industry wants us to believe, CCUS is not a climate solution. It’s a distraction from the need for a rapid transformation away from fossil fuel use that is required to keep global warming below catastrophic levels within this decade. And internal documents reveal that oil and gas companies know this — and see the technology as a way to get social license to continue producing fossil fuels for decades to come (although they warn their employees from publicly stating that).
Five decades on from the first carbon capture project, and despite decades of research and tens of billions of dollars in public subsidies globally, carbon capture projects have not made a dent in reducing emissions. Five decades on from the first carbon capture project, and despite decades of research and tens of billions of dollars in public subsidies globally, carbon capture projects have not made a dent in reducing emissions, capturing just a tiny fraction — 0.001 per cent of global carbon emissions. CCUS projects have a track record of over-promising and under-delivering. For example, one of Canada’s flagship CCUS projects, Boundary Dam 3, initially promised a capture rate of 90 per cent. It never reached that rate, so SaskPower eventually lowered its expectations to 65 per cent — a target the facility still regularly fails to meet.
The vast majority of CCUS projects never get off the ground, in large part because the technology is prohibitively expensive. Building carbon capture infrastructure, capturing and compressing carbon dioxide, building more infrastructure to pipe captured carbon, and then developing suitable geological storage sites, all requires huge sums of money and energy. Despite significant effort, over its 50-year commercial history, carbon capture costs have not declined. Renewable power is already cheaper than fossil gas or coal, and that’s without adding in the costs of capturing carbon.
CCUS is often portrayed as a new technology — it’s not. Its use began decades ago as a way to get cheap carbon for enhanced oil recovery, a process where carbon is injected into depleted underground oil reservoirs to boost oil production, extraction that otherwise wouldn’t have been possible. To date, almost all of the carbon dioxide being captured is actually being used to pump more oil out of the ground that would have otherwise been unreachable.
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https://ricochet.media/en/3928/carbon-capture-is-a-fairytale-solution-to-the-climate-crisis
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