CCS projects facing financial crunch

This entry was posted by Friday, 4 March, 2011
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In recent times there has been news items about scrapping or postponement of carbon capture and storage (CCS) projects. The reason cited is lack of funds.

Saskatchewan – Montana carbon capture and sequestration project is a joint venture of Canadian and US government to demonstrate CCS technology. This project was launched in 2009 with Saskatchewan government pledging up to $50 million and remaining from the federal governments of USA and Canada.

The project involved sequestering carbon dioxide from SaskPower southern coal fired power plants and pumping underground in Montana. The federal government decision to turn down the Saskatchewan provinces request for $100 million was made after the US government made it clear it would not put in it share towards the implementation of the project.

Statoil’s Mongstad oil refinery planned to set up a CCS plant to capture the CO2 released by the refinery and store it in geological formations underground. Originally it was planned to bring CCS plant online by 2014, but its now getting delayed due to lack of funds.

Both these projects have one thing in common. They were postponed or scrapped due to shortage of funds. But can we afford to find reasons in this hour of climate change crisis? Things have to move at a faster pace than expected to prevent further damage to the environment. But a pause like this would aggravate the problem rather than finding a solution.

 

Carbon Capture and Storage, Climate change

One Response to “CCS projects facing financial crunch”

  1. cassandra mayor

    Saskatchewan Premier Brad Wall says a project aimed at cleaning up the air by pumping carbon dioxide emissions underground isn’t dead.

    The province acknowledged this week that talks with Montana on a joint carbon capture and storage project quietly ended last fall.

    http://bit.ly/h0kwON


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