- Dec 13, 2019 11:12 pm GMT
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There is, quite literally, a race for subsidies right now. Every form of energy, from wind to nuclear to solar, wants it. The National Petroleum Council has thrown its hat in the ring and says carbon capture does not have get enough subsidies. From the article:
Only 19 carbon capture facilities are operating in the world. Most of them are in the United States, where federal tax credits pay $35 or $50 for every ton of carbon dioxide captured — depending on whether it is pumped underground to increase oil production or stored in non-potable aquifers. The NPC report recommends increasing those credits to $90 per ton within the next decade and then to $110 within the next 25 years. The aim is to eventually be able to capture 10 percent of carbon emissions - about 500 million tons per year - a 20-fold increase over current operations. The plan would cost the U.S. government $650 billion.
But their plea misses out the basic point that carbon sequestration and capture is simply too expensive and uneconomical in its current form. The Southern Power company's Kemper project fiasco, where costs ballooned from $2.5 billion to $7.5 billion, is an example of the perils of this technology. Besides coal is on its way out. Why bring it back?