More bad news for tunnel vision carbophobes. Carbon dioxide emissions don’t cost anywhere near enough, apparently.
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Norway’s plan for a full-scale carbon capture and storage project could end up a financial disaster, according to a new report that includes an increased cost estimate for the venture, says Energy Voice.

The likely cost of building and operating the project over 10 years — most of which would be funded by the government — could be as much as 25 billion kroner ($2.6 billion), according to an independent report published by the government on Thursday.

That’s 8 billion-kroner more than estimated by a previous study, although that only covered five years of operations.

Lawmakers earlier this year pushed the government to prepare the ground for an investment decision this autumn, but the latest report is likely to give some politicians reason to think again.

Norway, western Europe’s biggest oil producer, has been reluctant to throw money at costly carbon capture and storage technology after an earlier attempt, dubbed the country’s “moon landing,” failed.

“The measure is considered as costly,” the ministry said in a statement accompanying the report. “There is great uncertainty about the benefits, and the measure could prove to be considerably unprofitable.”

Offshore Storage

The project under consideration involves capturing carbon dioxide from one or two industrial sites in Norway, transporting it on ships and then piping it out to the North Sea for underground storage.

For it to be profitable, carbon dioxide emissions would need to cost 10 times as much as they do today, according to the latest report.

Full article here.

via Tallbloke’s Talkshop

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June 26, 2020 at 06:09AM