In a stark revelation on the eve of the United Nations Climate Change Conference, Oil Change International has exposed the shortcomings of Carbon Capture and Storage (CCS) in its report titled “Carbon Capture’s Publicly Funded Failure.” The study, spanning 50 years, unveils a disheartening trend of over-promising and under-delivering by CCS, with governments funneling over $20 billion of public funds and contemplating an additional $200 billion into the technology.
A staggering 79% of the global operational CCS capacity is dedicated to bolstering fossil fuel extraction, particularly through Enhanced Oil Recovery, raising concerns about the counterproductive nature of these investments. Many of the world’s largest CCS projects operate well below their stated capacity, capturing only a fraction of the emissions they were designed to address.
As the UN Climate Change Conference kicks off in Dubai, the spotlight is on fossil fuel phase-out, marking a historic shift in priorities. The agenda includes ambitious targets to triple renewable energy and double energy efficiency. However, the report warns against the inclusion of vaguely defined “abatement” technologies, cautioning that they could divert attention from the imperative of a comprehensive and equitable fossil fuel phase-out.
Lorne Stockman, the Research Director at Oil Change International, emphasizes the urgency for governments to cease supporting fossil fuels under the guise of CCS. Instead, he advocates redirecting these substantial funds towards genuine climate solutions, such as renewable energy and energy efficiency, making fossil fuel phase-out the central focus of COP28. With governments poised to inject hundreds of billions more into CCS, the report underscores the necessity of prioritizing the planet over industry interests.
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