The U.N. Intergovernmental Panel on Climate Change has identified carbon capture as a key component in reducing carbon dioxide emissions and maintaining the planet's average temperature within 2 degrees Celsius above pre-industrial levels. To do that, it is estimated that by 2050, 5,000 to 10,000 metric tons of carbon dioxide need to be captured and stored each year......
Carbon capture is essential to managing climate change. By many estimates, it is one of the most important management tools (together with conservation, increased use of renewables, and improved efficiencies). However, compared to other flue gas treatments, it is very expensive and very energy intensive. Tax credits are not necessarily required to make it feasible. A mandate to reduce CO2 emissions would also make it feasible with no change in taxes. However, it will almost certainly increase costs and decrease efficiency, though it remains one of the less expensive and most efficient ways to reduce CO2 emissions.
There are differences in opinion regarding whether the costs of carbon capture should be mitigated by carbon taxes or by mandate (portfolio standards). Superficially, taxes spread the cost among all the taxpayers while mandates spread the cost among the rate payers. However, in the US, there are about twice as many rate payers as taxpayers, which further complicates the question.
Full disclosure - I am involved in commercializing a carbon capture process - www.sesinnovation.com.
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