Carbon capture storage technology too expensive, takes too long to build

A new report suggests that Canada's oil and gas industry risks saddling itself with expensive stranded assets by betting it can solve its emissions problem with carbon capture and storage.

"The opportunity cost of investing in CCS and the risk of stranded assets for Canada's oil and gas sector will intensify as global climate ambition ratchets up and demand for oil and gas declines," the report suggests.

 

"The oil sector in Canada has been identifying CCS as the major component of its plan to bring down emissions," said Angela Carter, co-author of the IID report. "In fact, some industry representatives, frame CCS as the only option to make the kind of large inroads that are needed to reduce emissions in the oil and gas sector. It's very much like the industry is putting all of its eggs in the basket of CCS."

 

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