Carbon Sequestration Financials Look Weak

Magical thinking is highly vulnerable to serious cost-benefit assessment. It's no surprise, then, that Shell and StatoilHydro and others recently have scrapped plans to build "green" power plants that to capture and store carbon dioxide.

The decision to shelve the [consortium's] gas-fired power project, which was to be built at Tjeldbergodden in Norway, casts further doubt on the financial viability of power schemes that capture and safely store greenhouse gases."

In similar manner, "BP was forced to scrap plans to build a carbon-capture and storage scheme at Peterhead in Aberdeenshire, citing inadequate assurances of financial support from the British Government."

Oily pigs feeding together at the public trough: a sustainable reality show only until the money-ship hits the sand. How much longer until the same thing happens with plans to sequester carbon dioxide from coal fired electricity plants? A few years after a carbon cap is enacted, probably

Via::Times OnLine, "Oil giants abandon plans for ‘uneconomic’ green power plant", Image credit::Gas Technology Center, Tjeldbergodden