Though in general here at TreeHugger we're not fans of the sometimes silver bullet status touted by the industry for carbon capture and storage projects, this isn't really a good sign.
A new report from Worldwatch Institute looks at investment in CCS projects for 2011 and finds that funding for them stalled last year, with current projects only capable of dealing with a fraction of a percent of global emissions.CCS funding in 2011 stood stable from 2010, at $23.5 billion, with some 75 projects underway around the world, and only 8 are operational (a figure unchanged in the past three years).
Taking all these planned and operational projects together, the report says that they can capture just 0.5% of emissions from energy production alone.
Remember that though energy production is a big part of the global emissions pie, emissions from deforestation and from agriculture (which overlaps with deforestation somewhat in most calculations) are also significant.
To even begin to make a meaningful dent in global greenhouse gas emissions, the report says capacity will have to be increased 700%.