Jamestown Oxy-Coal Project would provide N.Y. an economic boost

Chemical company Praxair Inc. is banking on the federal government to help finance its Jamestown Oxy-Coal Project, a carbon capture and storage (CCS) demonstration site located near Buffalo, N.Y., reports Business First of Buffalo.

According to Jamestown Mayor Samuel Teresi, plant construction costs could exceed $500 million. Bond financing from the town’s Board of Public Utilities would cover $145 million of construction costs, but Praxair hopes the U.S. Department of Energy will cover the rest.

And it’s either government funding – or else. “Plan B is not an inviting notion,” Teresi said.

But the situation is not unique to the Jamestown Oxy-Coal Project – the construction of many other clean coal plants across the country hinges on federal dollars for completion.

Harvey Stenger, dean of the University of Buffalo’s School of Engineering and Applied Sciences, urged federal and state governments to invest in the project in a Buffalo News editorial in July.

It could be one of the most sizeable economic development initiatives in Upstate New York, potentially generating $900 million in statewide annual impact and 3,500 new jobs, he wrote.

Stenger went on to say that the only way we can realistically reduce carbon dioxide emissions is to spur investments in CCS projects – and that’s why it’s time for stakeholders to come together and make it happen.

We couldn’t agree more.