Governments Investing in CCS Demonstrations
Recent global action to fund carbon capture and storage (CCS) technology is unprecedented. New project funding announced last month in the European Union, Canada, Australia and the United States is building momentum for accelerating the use of CCS to reduce greenhouse gas emissions. The G8’s goal of 20 demonstrations announced by 2010–a goal that once seemed insurmountable–could be within reach.In Australia, the federal government allocated USD$2 billion to build between two and four coal-fired power plants, each generating up to 1,000 MW, that have CCS capabilities. This funding action came shortly after Prime Minister Kevin Rudd announced the formation of the $70 million, investor-backed Global Carbon Capture and Storage Institute. (Note: All funding references in this article are in USD$.) Canada, another coal-dependent country, announced a clean energy fund that offers nearly $600 million for CCS demonstration projects as part of its economic stimulus package.