I did the math and it’s the most insane waste of money. Projected metrics:
- Construction costs: $20B to $30B
- CO2 capture: 6 Mt per year in 2035. Hoping to ramp up to 16 Mt per year by 2045.
Meanwhile, China emits 12.2 Gt per year.
That means we’re going to put $30B on the credit card to capture the equivalent of 4.3 hours worth of China’s yearly emissions by 2035, ramping up to 11.4 hours worth in 2045, making our heavy oil uncompetitive in the process.
It’s so bad that the government has to finance all the projects, and then pay some more to incentivize producers to increase production.
This is complete insanity. The UCP has lost the plot. Smith needs to go, and the rest of the UCP if they don’t understand how this is the furthest thing from free markets and small government.