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illuminem summarizes for you the essential news of the day. Read the full piece on DeSmog or enjoy below:
🗞️ Driving the news: A recent report by the Institute for Energy Economics and Financial Analysis (IEEFA) raises concerns about the financial viability of the Pathways Alliance's carbon capture and storage (CCS) project in Alberta, Canada
• The analysis indicates that the project would require substantial and continuous government subsidies to remain feasible
🔭 The context: The Pathways Alliance, representing Canada's six largest oil sands producers, proposed a CCS hub near Cold Lake, Alberta, in 2022
• The plan involves a 400-kilometer pipeline network connecting the hub to 13 oil sands facilities, aiming to capture and store carbon dioxide emissions
🌍 Why it matters for the planet: While CCS technology is promoted as a tool for reducing carbon emissions, its dependence on significant public funding and questionable financial sustainability may divert resources from more effective and economically viable climate solutions
⏭️ What's next: The IEEFA report suggests that without major efficiency improvements and reliable revenue streams, the Pathways project may struggle to break even
• This raises questions about the prudence of continued public investment in such initiatives
💬 One quote: "Public funding of CCS is a costly gamble that may not yield tangible returns on Canada’s journey towards achieving net-zero emissions," stated Mark Kalegha, IEEFA energy finance analyst and author of the report
📈 One stat: Operating costs for existing commercial-scale carbon capture plants in Alberta are increasing at roughly twice the rate of the amount of carbon dioxide being captured
Click for more news covering the latest on carbon capture & storage
