In Short : Furthermore, the costs associated with implementing CCS technology are extremely high. The construction and operation of CCS facilities require substantial investments, which are often passed on to consumers. This could result in higher energy prices and hinder the competitiveness of renewable energy sources, which have been proven to be more economically viable and have a greater potential for emissions reduction.
In Detail : As the United Nations Climate Change Conference begins today, Oil Change International revealed the failure of Carbon Capture and Storage (CCS) in Carbon Capture’s Publicly Funded Failure. CCS has a 50 year track record of over-promising and under-delivering, and every investment in CCS provides a lifeline to the fossil fuel industry.
Key findings:
Governments have spent over $20 billion – and are planning up to $200 billion more – of public money on Carbon Capture and Storage (CCS), providing a lifeline for the fossil fuel industry.
The majority of CCS is used to expand fossil fuel extraction. 79% of the world’s CCS operating capacity sends captured CO2 to produce more oil (via Enhanced Oil Recovery)
Many of the largest projects in the world operate far below their stated capacity. They are designed only to capture a fraction of the emissions of the plant they serve.
At the UN Climate Change Conference in Dubai, fossil fuel phase-out is for the first time at the top of the agenda, as well as an agreement to triple renewable energy and double energy efficiency. It will be key to ensure poorly defined “abatement” technologies, promoted by the fossil fuel industry and government enablers, meant to distract from the need for a full and fair phase out of all fossil fuels will not be included in any final COP28 agreements.
Despite appalling performance, governments are preparing to shovel hundreds of billions of dollars of taxpayer money into more CCS. As Governments are preparing to spend up to $200 billion of public money on CCS it has to be clear: CCS is a lifeline for the fossil fuel industry, not people and planet.
Lorne Stockman, Research Director at Oil Change International, said:
“Governments need to stop pretending that fossil fuels aren’t the problem. Instead of throwing a multi-billion dollar lifeline to the fossil fuel industry with our tax dollars, they should fund real climate solutions, including renewable energy and energy efficiency. Fossil fuel phase-out must be the central theme of COP28, not dangerous distractions like CCS propped up with public money.”