CARBON CAPTURE & GEOLOGIC SEQUESTRATION: MOVING FROM HYPE TO PIPE

Climate change is a global problem that requires decisive action. While numerous low-carbon solutions are available for immediate deployment, the world’s largest economies’ deep commitment to fossil fuels and the need for swift emission reductions also dictates the use of Carbon Capture and Geologic Sequestration (CCS) at fossil-based power plants and other large sources. Scientific consensus indicates that the risks of well-designed and operated CCS projects are similar to those of other widespread industrial activities. While CCS technology is ready to be used today in large-scale projects, several barriers still stand in the way of deployment. What appeared to be a bright future for CCS was recently questioned after several setbacks. However, progress is picking up again. We assert that the barriers are mainly economic and regulatory that can readily be addressed with well-crafted and targeted public policy. We outline what we believe to be the main barriers and assess their prospects for adoption in the near term. Overcoming the high initial cost of CCS projects, establishing a sound regulatory framework to ensure the safe and effective use of the technology, as well as educating a wide range of stakeholders on the specifics of the technology are key priorities. However, even if these barriers are addressed, a number of potential pitfalls could await CCS. The term “clean coal” itself excites opposition to the technology due to coal’s dire, in many cases, environmental track record. The public and the press are not always balanced in their perception of CCS. Industry anxiety over potential long-term liabilities is inconsistent with the inherent risks and threatens to impede deployment and needed steps in policy making. Nonetheless, we remain optimistic about the prospects of CCS and conclude that it is likely to become a widespread climate mitigation tool over the next two decades.