Burying CO2 could pay for itself, report says

Capturing and storing carbon dioxide from power plants could become viable without public funding by 2030, but only if technological obstacles are removed and polluters are forced to pay more for emissions in cap-and-trade schemes, a new report says.

The newest carbon capture and storage (CCS) technology adds 1 billion euros (US$ 1.42 billion) to the cost of production at every power
station. But the report by consultancy McKinsey and Co. says that with the right system in place the cost of burying CO2 could fall to 30 to
45 euros (US$44-66) per tonne by 2030.

The European Union wants up to 12 demonstration plants in place by 2015 in an effort to cut future emissions costs. Reuters said that the
bloc is close to agreeing billions of euros in public funding to start the pilot projects.

Capturing carbon is seen as a potential panacea to curb emissions from environmentally damaging coal-fired power plants, which are
multiplying fast in India and China.

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