Fortum Dumps its $500 Million Carbon Capture and Storage Project
Carbon capture and storage (CCS) technology, the hotly debated technology advocated as a way to produce "clean coal", has taken a hit as Fortum and Teollisuuden Voima (TVO) have decided to abandon their EUR$500 million demonstration project in Finland.
After conducting several studies, Fortum decided to pull the plug on its large-scale CCS demonstration plant. The company cited the technological and financial risks associated with the project as the main variables influencing its decision.
Matti Ruotsala, Executive Vice President of Fortum's Power Division issued this statement regarding the company's decision: "Finncap [the demonstration project] has been one of the biggest and most progressive CCS research projects in the world. Coal condensing is not within the core of the company's operation; in light of this the risks grew too extensive."
Carbon capture and storage, which has been touted as by the coal industry and politicians as a method to significantly reduce the emissions of coal-fired power plants, has yet to be fully demonstrated at a coal power plant.
Experts believe CCS will not be available for years to come. The technology has been expensive to develop and comes endowed with several environmental questions [pdf].
Image credit: LeJean Hardin and Jamie Payne via Wikimedia Commons
Nathanael Baker is the Managing Editor of EnergyBoom. He has researched and reported on the issues of renewable energy, sustainability, and climate change for over two years. He has provided research to the New York Times and The Economist, as well as being published on different media outlets including, The Energy Collective.
Energy Boom content is for informational purposes only and is not intended to be advice regarding the investment merits of, or a recommendation regarding the purchase or sale of, any security identified on, or linked through, this site.
