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Clean coal plants are very expensive, with the current financial crisis raising costs even
more.
David G. Victor (senior fellow at the Council on Foreign Relations, is professor of law at Stanford
Law School and director of the Program on Energy and Sustainable Development) & Varun Rai
(research fellow and leader of the Stanford program's research on carbon storage) January 3rd,
2009 "Dirty Coal is Winning" Newsweek Magazine http://www.newsweek.com/id/177684
The problem is that clean-coal plants are a lot more expensive than conventional "dirty coal"
technology, and the financial crisis is obliterating schemes that would have paid the extra cost.
Before the crisis, a team at Stanford University found that the world was investing only about 1
percent of what's needed on advanced coal technologies to meet carbon-emissions targets. Now a
spate of canceled projects darkens the picture.
It is all but impossible to finance a clean-coal power plant in the status quo.
David G. Victor (senior fellow at the Council on Foreign Relations, is professor of law at Stanford
Law School and director of the Program on Energy and Sustainable Development) & Varun Rai
(research fellow and leader of the Stanford program's research on carbon storage) January 3rd,
2009 "Dirty Coal is Winning" Newsweek Magazine http://www.newsweek.com/id/177684
A 300-megawatt plant that cut emissions nearly 90 percent would cost $1 billion to $2.5 billion,
and the United States would need about 1,000 such plants to match its current coal-power output.
China would need another 1,000. Since the 1960s, when U.S. utilities last made major
investments in new plants, their average bond rating has fallen from AA to BBB, and now the
credit crisis has made it all but impossible to finance any new plant, much less an expensive,
clean one.