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This piece is just propaganda. One wonders what would be expected:
This would place the cost of sequestration at... $100 tonne, which is pretty much the price that everyone else has estimated for carbon capture and sequestration, as discussed in articles like this. How much was sequestration of 2.8 million tonnes of CO2 supposed to cost?
"Carbon capture project captures almost no carbon". Really? Because 2.8 megatonnes doesn't seem like "no carbon" to me. Was it that "it only caught 10% of the carbon produced on the site"? Well then, maybe it should have been $2.8B of taxpayer dollars to capture 28 MTCO₂. What would the headline have been then? "Carbon capture project costs taxpayer $2.8B for almost no carbon"?
I want the cost of sequestration to be lower just like anyone else, but doing nothing is a terrible strategy to learn how to reduce costs.
If you don't want taxpayers to pay for it, change the laws and make the price of carbon emissions >$100 tonne. Then ADM will have to pay their own sequestration costs. If you don't like sequestration because it's expensive, then what's the plan for decarbonizing the atmosphere and reducing global temperatures after emissions are zeroed out? If your plan for a carbon neutral world is "endure global warming for thousands of years until the carbon gets sequestered in soil", that's fine, but you can't blame people for wanting to see things get cleared up on the order of decades.
This project was a success, insofar as it accomplished what it set out to accomplish as a publicly funded demonstration of the technology. The fact that the site emitted other carbon that wasn't captured is irrelevant.
I did some quick back-of-the-envelope math, and unless I'm mistaken that's equivalent to about $1 per gallon of gasoline... which is a lot lower than I had expected, honestly.
If that's all it costs, we should be sinking billions in public funds into this, especially if there's an R&D component that's seeking to drive down costs/increase efficiency.
The magnitude of the problem can be challenging to comprehend. There is about 1 Ttonne CO₂ to mitigate, which, at $100 per tonne, would cost $100 trillion USD to fully sequester. Throwing billions of dollars at it would not even start to make the smallest measurable dent in the problem at any scale whatsoever.
However, if the current rate of annual solar panel adoption continues at 26% for the next 18 years, then the global production of energy will be sufficient to pretty rapidly decarbonize the atmosphere at low cost, as the amount of solar energy will be triple that being produced globally from all sources at present.
Now, if that doesn't happen, then another way to pay for decarbonizing is to bring about world peace and disarmament. The US annual defense budget is ~$800B. If the dividend from world peace was directed to climate mitigation, we could get rapid, dramatic reductions in CO₂ over the course of a century. And we would no longer have the threat of nuclear war looming over human civilization. I find that this idea is generally met with scepticism, but, unlike other government expenditures like healthcare and welfare, war is a highly discretionary expenditure that can be rendered unnecessary by some important people signing some papers.
This is a serious, expensive problem and the solutions, unfortunately, are going to need to be proportionally serious and expensive.