Burying CO2 could pay for itself by 2030: report

BRUSSELS (Reuters) – Trapping and burying carbon dioxide from power plants could become viable without public funding by 2030, helping nations reduce their dependence on energy imports and meet climate goals, a report said on Monday.

But that could happen only if obstacles to the technology are removed and polluters are forced to pay more to emit CO2 in cap and trade schemes, it added.

Carbon capture and storage (CCS) is seen by industry as a potential silver bullet to curb emissions from coal-fired power plants, which are multiplying rapidly in India and China, threatening to heat the atmosphere to dangerous levels.

Companies are working on cutting-edge technology to trap CO2 and pump it into empty gas fields and deep underground caverns, but utilities are reluctant to use the process as it adds about 1 billion euros ($1.42 billion) to the cost of each power plant.

Reuters