MATTHEWS
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technology that seeks to remove CO2 directly from the air rather than where it is produced.
There are currently 19 carbon capture facilities operating worldwide, which, along with facilities under construction, have the capacity to capture 40 million metric tons of carbon each year. That’s a small portion of the 5.1 billion metric tons of carbon released in the United States alone. But these facilities show that carbon capture works.
And thanks to technological improvements, carbon capture is more cost-effective than ever. Today, it costs between $48 and $109 to capture a ton of carbon using conventional capture methods.
Unfortunately, progressive lawmakers and many environmentalists dislike carbon capture because it supports the use of fossil fuels. They would rather ban oil and natural gas and transition entirely to renewable energy sources.
That isn’t feasible. Fossil fuels supply nearly 63 percent of electricity generated in the United States.
Meanwhile, wind power provides just 7 percent of that energy, while solar supplies less than 2 percent. Even if we had enough wind and solar power to meet energy demand, the United States would need 900 times our current energy storage infrastructure to keep the lights on when wind and solar couldn’t provide it.
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Some conservatives balk at the idea of using subsidies and tax breaks to encourage carbon capture. That’s a valid concern, considering how much money the government has wasted on failed green energy projects. But with plans like the Green New Deal gaining popularity, McCarthy’s proposal is the most fiscally responsible option lawmakers have.
Many lawmakers want to take action on climate change, but they need to realize that eliminating fossil fuels doesn’t make sense. Carbon capture is a reasonable, bipartisan climate plan that both recognizes fossil fuels’ importance for economic growth and national security, while actually reducing atmospheric carbon levels.
Merrill Matthews is a resident scholar with the Institute for Policy Innovation in Dallas, Texas. Follow him on Twitter @ MerrillMatthews.
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