Several of the world’s biggest projects capturing and storing carbon dioxide are massively underperforming, according to an analysis which found some are capturing only half as much CO2 as promised.
Could a trillion dollars solve the world’s problems?
A report published today analysed the performance of 13 flagship existing CCS schemes worldwide, which together represent 55 per cent of captured CO2, using figures published by the companies.Most have captured much less CO2 than expected, the report found. Across its lifetime, the report says ExxonMobil’s LaBarge facility at Shute Creek in Wyoming has underperformed by around 36 per cent in terms of capacity.
Two projects included in the report failed, including the Kemper coal CCS project in Mississippi, which was long delayed and construction was eventually abandoned in 2017. “Is CCS a solution to our climate woes? I would say no. More often than not, it doesn’t actually work to its design capacity,” saysat the Institute for Energy Economics and Financial Analysis , an Australian think tank, who is the author of the report.
The technology dates back to the 1970s, and in many cases is used to extract more oil from reservoirs rather than for curbing climate change by capturing CO2 for the long term. “They [the industry] say it’s an emerging sector. In actual fact it has been has been in operation for most of our lifetimes,” says Robertson. The underperformance of schemes isn’t for want of financial or engineering resource, he adds. The Gorgon project alone cost AU$3.1 billion.
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