One of the loonier projects of the climate change crew is carbon capture. From David Stockman at lewrockwell.com:
When it comes to capital waste, there is nothing more destructive in all of history than the current disastrous campaign to eliminate CO2 emissions in the name of saving the planet from a phony climate change catastrophe.
Two mindless projects of national impoverishment.
These are embodied in a proposed regulatory dragnet to force 67% of new auto sales into EVs by 2032 and a Washington-funded green energy plan to induce America’s great oil companies to build the equivalent of energy pyramids, likely resulting in corporate hari kari not too far down the road.
Literally, trillions of perfectly good capital stock–such as IC engine autos and coal-fired power plants—will be dismantled well before their useful lives are completed. And this wasted capital stock will be replaced with low and no efficiency interruptible wind and solar electric power and completely asinine schemes like carbon capture from the ambient air that will be heavily subsidized by Uncle Sam.
But to cut to the chase, the carbon capture scheme to which Occidental Petroleum, for example, plans to allocate billions is the equivalent of building 21st century energy pyramids.
