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Carbon price vital for CCS says Obama’s task force
US president Obama’s ’Interagency Task Force on CCS’ delivered on August 12 a report describing a series of recommendations to the president on overcoming the barriers to the ’widespread, cost-effective deployment of CCS within 10 years’. According to the report a price on carbon as well as public funding are key towards achieving timely commercial viability of CCS.The presidential taskforce underlines that technically CCS is feasible given that there are ‘no insurmountable technical, legal, institutional or other barriers to the deployment of this technology’. Yet what is lacking at the moment, are the necessary incentives to instigate private investment for the deployment of the technology.
Without a carbon price in place that will force companies to pay for their carbon emissions, CCS cannot be considered a realistic possibility according to the report. As the latest effort of a string of climate change bills was shelved a few weeks ago, the renewal of efforts to pass comprehensive climate legislation that includes a cap-and-trade system appears as vital to the US if the country wants to remain competitive in a low-carbon environment.
A price on carbon should be complemented with substantial added government investment according to the task force. The US seems to be faring better in the domain of public funding, as the federal government is supporting up to 10 CCS projects to operate by 2016, using $3.4 billion from the economic stimulus package.
Access the full report of the ‘Task Force on CCS’ here
