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|  | THE ENVIANCE BLOG Excerpt from: Environmental Compliance
|  | | November 12, 2008 | | European Union Energy Chief Supporting Program | Good news on the potential of Carbon Capture going
mainstream…this week, European Energy Commissioner Andris Piebalgs said that he
would support giving billions of euros of public funding from the European
Union's emissions trading program for power stations to trap and bury carbon
dioxide in the battle against climate change.
This is a big step forward because public funding is
critical to ensure the success of this technology. New techniques to pump
carbon dioxide underground are regarded as a way to cut down on
climate-changing emissions from coal-fired power plants, which are
proliferating around the world. But utilities are reluctant to build carbon
capture and storage power stations without public funding because the
technology adds about €1 billion extra to each plant's cost and reduces output.
Two E.U. lawmakers, Chris Davies and Avril Doyle, have
proposed using about €10 billion ($12.9 billion) from the European Union's
flagship Emission Trading Scheme to get 12 demonstration plants up and running
by 2015.
The European Commission's environment directorate previously
has opposed the idea of funding carbon capture and storage from the Emission
Trading Scheme's New Entrants Reserve, a fund set aside for new installations
joining the scheme. Perhaps with the election behind us and President-elect Obama
on deck to take the helm in the oval office, the EU is predicting a new era in
environmentalism. | | |
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|  | CEO Articles Recent articles by Enviance CEO, Larry Goldenhersh:  |