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Carbon capture could cost key gas players $7.5bn, new report finds

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  Print publication without navigation Published in Science and Technology on by Northern Territory News
          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
The cost to build a new carbon capture, utilisation and storage facility in the Northern Territory's Top End could hit $7.5bn according to a study released by Australia's national science agency.
A new report from the Institute for Energy Economics and Financial Analysis (IEEFA) has revealed that major gas companies in Australia, including Santos, Woodside, and Chevron, could face up to $75 billion in costs for carbon capture and storage (CCS) to meet their net zero emissions targets by 2050. The study highlights that these companies are banking on CCS technology to offset their emissions, but the financial burden could be substantial due to the high costs associated with capturing, transporting, and storing carbon dioxide. The report questions the economic viability and scalability of CCS, suggesting that the industry might be underestimating the challenges and costs involved. It also points out that alternative strategies like reducing gas production or investing in renewable energy might be more cost-effective and environmentally beneficial in the long run.

Read the Full Northern Territory News Article at:
[ https://www.ntnews.com.au/business/nt-business/carbon-capture-could-cost-key-gas-players-75bn-new-report-finds/news-story/7b0ef807e8a0301dd4dd2abb851f042f ]