Despite the economic crisis and budget cuts, many companies and research institute have already acknowledged the importance of carbon capturing in the battle against global warming and are looking into alternative techniques.
Carbon capturing and storage does not seem to attract as much investments as renewable energy sources, such as solar and wind power, however this does not undermine the role it has in reducing the greenhouse gas effect.
Moreover, some predictions indicate that although energy from renewable sources will increase by 2020, coal burning will increase even more. In this sense, companies and policy makers should pay even closer attention to carbon capturing techniques.
A project, which looked into finding ways to develop cheaper techniques for carbon capturing and storage, was the FutureGen project. The aim was to construct a power plant, which produces hydrogen and electricity. Unfortunately, due to the high cost of the project, it was shut down and then resumed with an aim to retrofit existing plants.
Besides constructing plants, developers have looked into finding sources that produce concentrated stream of carbon dioxide, or using carbon dioxide for oil recovery. These, however, were not found to be cost-effective.
In any case, carbon capturing and storage techniques would have an influence on climate change only if strict carbon taxes are introduced.