The US is a more welcoming market for carbon capture and sequestration services than Europe, according to CCS testing firm Technology Centre Mongstad, CNBC reports.
Company executives attribute the market’s strength to the US shale boom and the Obama administration’s energy strategy. Howard Herzog, a senior research engineer at the MIT Energy Initiative, said that the US is also more used to drilling activities in general.
EPA carbon standards for new coal-fired power plants would require the facilities to implement CCS. Southern Company opposes the plan, despite its position building the nation’s only commercial carbon capture power plant.
In December, the DOE made $8 billion in loan guarantees available to support advanced fossil energy projects that avoid, reduce or sequester greenhouse gases, including through CCS.
Large-scale carbon capture and storage projects worldwide are set to make significant progress this year, including two projects that will begin operations in North America, according to a report last month by the Global CCS Institute.
Takeaway: The US presents better carbon capture opportunities than Europe, according to a CCS testing firm.
Tamar Wilner is Senior Editor at Environmental Leader PRO.
Picture credit: Technology Centre Mongstad