1.1 Billion Dollars Were Spent by the Us Government on Carbon Capture Projects That Largely Failed.
But the US government keeps coal afloat with the promise of collecting carbon emissions and storing them underground, even while renewable energy is getting more affordable.
According to a study by Gizmodo, the Government Accountability Office (GAO) has shown that federal agencies have spent $684 billion on carbon capture and storage (CCS) programmes at coal plants that have generally failed. Two of the other CCS industrial projects, for a total of $438 million, were subsequently cancelled.
One coal plant is now online as a consequence of DOE’s $684 million investment in eight coal projects, according to the GAO study. “DOE’s approach for choosing and negotiating financing agreements for coal projects enhanced the chances that DOE would support projects unlikely to succeed,” says the report..
According to the study, the Department of Energy not only selected projects using a “high-risk selection” process, but it also negotiated and funded those projects much too rapidly. Due to DOE’s need to begin spending American Recovery and Reinvestment Act of 2009 funding fast, coal discussions only lasted three months instead of the normal year.
Additionally, it avoided the usual cost restrictions and approved projects “even if they did not reach required critical milestones.”
The DOE has announced an initiative dubbed Carbon Negative Shot in an effort to drastically cut the cost of carbon capture technologies. CO2 will be removed from the atmosphere and buried at a cost of less than $100 per tonne, and this technology will be used on a gigatonne scale.
However, according to a research from the International Renewable Energy Agency last year, the quickest and most cost-effective solution to reduce billions of tonnes of greenhouse gas emissions would be to shut down all coal facilities (Irena).
- ‘Hundreds of Thousands of Victims Trusted Him’: $70 Million Tax Refund Scammer Jailed
- Unvaccinated Workers Will Be Fired by This Company Before the End of the Month. What Happens Next?
- The Senate Has Voted to Award the Congressional Gold Medal to Emmett Till and Mamie Till-mobley.
Due to a dramatic decrease in the cost of renewable energy, it is now cheaper than coal. Adding CCS technology to coal would, of course, raise the cost significantly. Despite the dangers of climate change, coal and fossil fuels remain a contentious political issue in the United States.
According to a GAO report, the Department of Energy’s CCS spending should be subject to increased legislative monitoring. “Without such a framework, the Department of Energy (DOE) is at danger of wasting large sums on CCS demonstration projects that have little chance of success.”