Carbon capture and storage (CCS) technologies are very much needed to reduce one-third of the world's global carbon dioxide emissions, according to a report from the Boston Consulting Group.
"CCS technology offers substantial benefits, but high cost and uncertainty have been a major roadblock so far in applying it. A carbon market price of €30 ($47.8) per ton, combined with worldwide subsidies, could offset the cost. Because of the long-term payback, private companies and government authorities need to begin promoting the development of CCS today."The consulting group said an initial subsidy of €100 billion would proceed CCS development as the carbon price stabilized.
The effort for CCS technology development has just begun, according to BCC Research. The market research firm estimated the market for CCS technologies last year was worth $88.7bn.
BCC estimated the market to increase to over $236.3bn by 2012 with compound annual growth rate of 22%.
"By 2025 more than 10 billion metric tons of CO2 will need to be captured each year and CO2 emissions will still continue to grow. A global infrastructure that will ultimately cost more than $15 trillion will need to be installed over the next century to accomplish that ever increasing annual task."
More information about problems with the idea of carbon capture.
http://www.greenpeace.org/usa/news/new-greenpeace-report-exposes
Carbon capture process that may actually work
http://www.sciencedaily.com/releases/2007/05/070511211255.htm
Great idea!! It reminds me of the smoking boxes outside of Mt Hood. If they want to breathe that pollution let them, but dont make the rest of us. In the meantime we can simply protect the rainforest ourselves in 1/8th acre chunks at companies such as Ownforest.com or for companies looking to offset their carbon footprints Warriorearth.com Its a pretty cool idea.
CCS technology sounds very interesting although I am new to it.
this is a good site