Why not to believe in carbon capture & storage

Carbon capture and storage | Trouble in store | The Economist

Here's a detailed article from the Economist explaining the huge uncertainties and problems with carbon storage and capture. Some key points:

In 2005 the Intergovernmental Panel on Climate Change, a group of scientists that advises the United Nations on global warming, came up with a range of $14-91 for each tonne of emissions avoided through CCS. Last year, the IEA suggested that the price for the first big plants would be $40-90. McKinsey, a consultancy, has arrived at an estimate of €60-90, or $75-115.

Either way, that is more than the price of emissions in the European Union: about €10 a tonne. America does not have a carbon price at all yet. A bill defeated last year in the Senate would have yielded a carbon price as low as $30 in 2020, according to an official analysis. So CCS might not be financially worthwhile for years to come....

Omar Abbosh, of Accenture, a consultancy, says that carbon trading as practised in the EU and contemplated in America does not give enough certainty about future carbon prices to justify an investment in a CCS plant. Mr Paelinck of Alstom agrees: no board would risk spending €1 billion on one, he says, without generous subsidies.

The article indicates that the cost of individual CCS plants could be anything from $1 billion to $1.8 billion US dollars. (And that might be based on the fact that the USA apparently has a pre-built system of pipelines in their oil areas that could be used for transported the CO2. I assume Australia does not have anywhere near as extensive a system.)

And will it even work long term? Even small leaks would be a problem:

Carbon dioxide forms an acid when it dissolves in water. This acid can react with minerals to form carbonates, locking away the carbon in a relatively inert state. But it can also eat through the man-made seals or geological strata intended to keep it in place. A leakage rate of just 1% a year, Greenpeace points out, would lead to 63% of the carbon dioxide stored in any given reservoir being released within 100 years, almost entirely undoing the supposed environmental benefit.

That CCS is being promoted so heavily seems simply to be a triumph of an industry's self preservation instinct over common sense.