NorthAmOil: Carbon capture “fails” says Australian mining titan, Woodmac report casts doubt on giant Canada project

Carbon capture is a technology that “fails”, says billionaire Andrew Forrest, executive chairman of Fortescue Metals of Australia. The titan of the metals mining and green energy company was recently addressing the 50th anniversary meeting of the International Energy Agency (IEA) in Paris.

The IEA had been critical of global aspirations for carbon capture and storage (CCS) – or carbon capture utilisation and storage CCUS – in a late 2023 report.

Forrest’s comments also come as a new Wood Mackenzie report suggests that the economic unfeasibility of the oil industry’s giant $16.5bn Pathways Alliance CCS hub in Alberta, Canada is “uncertain” even as its first phase nears a final investment decision (FID) in 2025 and despite generous government tax credits.

Canada’s oilsands industry says that the CCS hub, planned to be the world’s largest upstream oil emissions cluster, will help them achieve net-zero emissions from production by 2050.