The technology of Carbon Capture and Storage (CCS) was recently developed. Huge advances have been made and CO2 is being “pumped” underground. Consequences for the environment are small, also given that the Earth has been a carbon-storage site for million years. CCS technology is very costly also because of the skills needed to find the right place to do it. Injectivity, retention, and capacity are all important features for the exploration process and site assessment currently represents the biggest share of the costs for CCS. Risks for leakage appear to be both small and manageable, because they can be easily detected and stopped.
Carbon sequestration via condensing CO2 gasses to liquid and pumping them deep in the earth’s crust has not yet taken off. There are concerns about the safety of this process, as it is thought the CO2 could leak out and possibly poison people, or cause contamination of drinking water. The EPA seems to still be in the process of making regulations for this process. Additionally, many believe this is not a practical method for removing carbon wastes from the atmosphere, as the volume, even condensed into liquid, would be quite large.
In Grand Rapids Michigan, researchers had a project underway as of Feb 12, 2008 to decide the effectiveness of pumping carbon underground as a means of disposal. This is just one of twenty such projects around the country. Subterranean rock formations contain highly concentrated saltwater which is thought to have the largest storage capacity for compressed Carbon Dioxide by the US Environmental Protection agency. As far as I know this method of storage is still being used today
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