President Obama's climate action announcement yesterday relies heavily on carbon capture and storage technology eventually paying off as a commercially viable option. But carbon capture and storage (or CCS) continues to be more of a dream than reality. And a very expensive dream at that.
According to a database maintained at MIT's Carbon Capture and Sequestration Technologies program, there are currently six large scale CCS projects underway in the United States. Five of the six projects are still in the planning phase, with one project listed as under construction. The current projected price tag of these six projects is a whopping $16.7 billion.
That's a lot to gamble on a risky technology that continues to struggle to prove it's even possible to deploy on a global scale. And $16.7 billion is only the opening bet. A full scale deployment of CCS technology across the entire US would likely be in the hundreds of billions. Estimates run as high as $1.5 trillion a year to deploy and operate enough carbon capture and storage worldwide to significantly reduce carbon emissions from the fossil fuels we consume.
President Obama announced his administration would make $8 billion available in loan guarantees for the development of enhanced fossil energy projects, which includes CCS technology.
In a follow-up announcement today, the Interior department and the US Geological Survey released “the first-ever detailed national geologic carbon sequestration assessment.”