Coalition Releases Jobs and Project Development Factsheet Showcasing the Potential for Carbon Capture Deployment
June 10, 2020 | Blog
Today the Carbon Capture Coalition released a factsheet that illustrates the economic and jobs creation potential associated with the commercialization of carbon capture technologies across sectors. The factsheet also details which projects are at risk for delay or cancelation if Congress fails to act on the Coalition’s recent recommendations crafted in response to the economic crisis caused by COVID-19.
Building on analysis and research from the Rhodium Group and the Global CCS Institute on jobs and economic potential associated with carbon capture deployment, this factsheet highlights the outlook for high-wage industry jobs creation and preservation at existing industrial and power facilities, as well as associated CO2 transport infrastructure, emphasizing the tremendous jobs and economic activity that can be created by commercializing carbon capture technology to meet mid-century climate goals.
Drawing on the Clean Air Task Force’s carbon capture and utilization project tracker, and conversations with Coalition participants, the Carbon Capture Coalition has also compiled a list of near-term projects that may be at risk of delay or cancellation due to the current economic situation. The project database outlines approximately 30 current carbon capture projects in various stages of development. The completion and eventual operation of these projects would effectively triple the current deployment of commercial carbon capture projects in the United States. Ultimately, it is estimated that globally 70 to 100 carbon capture facilities will need to be built per year by 2050 to meet Paris climate targets.
Deployment of carbon capture technology in the United States presents a tremendous opportunity to reduce emissions cost-effectively, spur economic activity, create and preserve jobs, support domestic energy and industrial production and enhance supply chains. In view of the economic headwinds created by the COVID-19 pandemic, support from Congress will be crucial to ensuring that current projects under development proceed towards construction and ultimately, commercial operation.
Click here to download the factsheet.
Click here to download the carbon capture project database.