9/12/2005 posted by Kevin S
On the cost issue, however there is some relief, apparently the Co2 can be pumped into existing oil fields making it possible to extract the last available oil from oil fields that are coming to the end of their natural lives. However even with this benefit, it is still uneconomical to implement carbon capture from the point of view of industry. Recently though in 2005 the UK Chancellor of the Exchequer Gorden Brown, stated on the day before the Budget that: "I can therefore announce today that as part of the UK Government's continuing support for research and development in this field we will now examine the potential of economic incentives to encourage carbon capture and storage." - promising although by no means a guarantee of investment ! Clearly something needs to be done about current Co2 levels being generated by the UK and other countries. Carbon Capture is a technology that in my opinion should definitely be explored along with other solutions such as Nuclear and Renewables. The real question is can the private sector be encouraged to lead the way in the furthering development of this promising technology.