The report, co-authored by energy analyst Milad Mousavian, concludes that seven of the 13 projects underperformed, two failed outright, and one was mothballed. “CCS technology has been going for 50 years and many projects have failed and continued to fail, with only a handful working,” said report co-author Bruce Robertson, a veteran investment analyst and fund manager now serving as IEEFA’s energy finance analyst for gas and LNG. Those 13 projects captured a grand total of 39 million tonnes of CO2 per year, the report found, about one-ten thousandth of the 36 billion tonnes that emitters spewed into the atmosphere in 2021. The 13 “flagship, large-scale” projects in the analysis account for about 55% of the world’s current carbon capture capacity, the institute says in a release. One of the case studies in the 79-page IEEFA report concludes that the troubled Boundary Dam CCS project in Saskatchewan has missed its carbon capture by about 50%.
Carbon sequestration projects verification#
The report lands just as analysts in the United States warn of major verification problems with a CCS tax credit that received a major boost in the Biden administration’s new climate action plan, and as Canadian fossil fuels lobby for more tax relief to match what’s becoming available in the U.S. After a half-century of research and development, carbon capture and storage projects are far more likely to fail than to succeed, and nearly three-quarters of the carbon dioxide they manage to capture each year is sold off to fossil companies and used to extract more oil, according to a sweeping industry assessment released today by the Institute for Energy Economics and Financial Analysis (IEEFA).
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