If we could actually do that, it would be exactly what I am suggesting. (Punitive taxation, since the tax would necessarily be more than the product value to offset current capture costs, so more than 100% taxation)
The CO2 emitted from the use of a barrel of oil is about .43 tonnes per barrel. The capture cost is around 200 dollars per ton, so the tax would be about $86/bbl.
Economies of scale would probably bring the price down, and petro companies would theoretically be incentivised to pour money into that industry, as long as it was allowed for them to verifiably sequester carbon to offset their tax liability.
It would fundamentally change the relationship of these companies to humanity overnight. But I don’t see that happening so far, unfortunately.
The CO2 emitted from the use of a barrel of oil is about .43 tonnes per barrel. The capture cost is around 200 dollars per ton, so the tax would be about $86/bbl.
Economies of scale would probably bring the price down, and petro companies would theoretically be incentivised to pour money into that industry, as long as it was allowed for them to verifiably sequester carbon to offset their tax liability.
It would fundamentally change the relationship of these companies to humanity overnight. But I don’t see that happening so far, unfortunately.