By Ben Geman - 02/03/10 08:35 PM EST
“The Task Force shall develop within 180 days of the date of this memorandum a proposed plan to overcome the barriers to the widespread, cost-effective deployment of CCS within 10 years, with a goal of bringing 5 to 10 commercial demonstration projects online by 2016,” a formal presidential memorandum released Wednesday states.
The memo gives a nod to cap-and-trade legislation.
“Ultimately, comprehensive energy and climate legislation that puts a cap on carbon pollution will provide the largest incentive for CCS because it will create stable, long-term, market-based incentives to channel private investment in low carbon technologies,” it states.
“My Administration's new CCS strategy will pave the way for this energy transition by identifying and removing barriers to rapid commercial deployment and by providing greater legal and regulatory clarity,” the memo adds.