Carbon capture too expensive, takes too long to build: Report
BNN Bloomberg
By betting it can solve its emissions problem with carbon capture and storage, Canada's oil and gas industry risks saddling itself with expensive stranded assets, a new report argues.
The report, released Thursday by the International Institute for Sustainable Development — a Winnipeg-based think-tank that focuses on climate and sustainable resource development — concludes carbon capture and storage technology costs too much and takes too long to build to have any hope of helping industry meet Canada's 2030 emissions reductions target.
Calling the technology "expensive, energy intensive (and) unproven at scale," the report urges the federal government not to put any more public money into the oil and gas industry for carbon capture deployment.
"The application of CCS does not align with the time scale or ambition necessary for limiting global warming to 1.5 degrees C," the report states.
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