An vice president with Royal Dutch Shell said Friday that without the intervention of policies to create a market price for carbon dioxide, it would be impossible to deploy carbon capture and sequestration technologies.
Carbon capture and storage generates costs but not revenues, because it is a technology entirely driven by climate change, John Barry, vice president for Unconventinal and Enhanced Oil Recovery for Royal Dutch Shell told the Wall Street Journal in an interview.
Without policy intervention to create a market price for CO2, development and deployment of CCS (carbon capture and sequestration) will simply not happen, Barry said, according to the paper. The price for carbon dioxide needs to be at the level of clean coal technologies costs by 2030 or 2040, he said.
Shell is one of the traditional energy companies pushing for carbon capture.
Currently, the House Energy and Commerce Committee is finalizing the Markey-Waxman climate bill which aims to cut carbon emissions. The bill proposes a cap and trade system in which industries will acquire pollution permits.
However ongoing negotiations will decide what the cost of the permits would be or if any permits should be distributed for free.
Congress plans to finalize the bill this summer. White House speaker Nancy Pelosi said on April 21 she was determined to pass legislation regarding climate change this year.