The Jamestown Oxy-Coal Project, a proposed carbon dioxide capture and storage (CCS) demonstration project, is a component of a comprehensive energy policy that not only protects our environment but also provides for economic growth and prosperity.

The life cycle costs and reliability of oxy-coal CCS generation of electricity are now better than those costs for solar, wind and biomass, and will be long into the future. This is fact accepted by those who understand the full costs of electricity generation. Wind and solar power can be used to help meet rising energy demands as intermittent power sources, but they can’t replace the “base-load” power generated from the steady supply of coal.

It’s important for the federal and state governments to increase investments in CCS technology so that we can continue to pursue even lower emission profiles for coal-based power plants and keep energy costs affordable for the American consumer.

The Obama administration and U. S. Department of Energy are squarely behind making these investments. The administration has increased CCS funding by $3.4 billion. The Energy Department’s Clean Coal Power Initiative Round 3 funding opportunity started out with $400 million and has risen to $1.5 billion. In addition, there is also $1 billion allocated for FutureGen and $1.5 billion for industrial CCS projects, along with site characterization, education and other programs.

New York also is taking a leadership position. In 2008, Gov. David A. Paterson announced $6 million in funding to continue engineering work and complete an application to secure federal funding to support the Jamestown Oxy- Coal Project. The project has the potential to achieve a 98 percent carbon capture rate and near-zero emissions of criteria pollutants. It exceeds proposed long-term Energy Policy Act goals and, with the inclusion of biomass, achieves a negative carbon footprint.

The project has the potential to grow into one of the most sizable economic development initiatives in upstate New York. Initially, it will create 525 construction jobs, generating $30 million in annual regional impact and more than $10 million annually for Jamestown. The big economic picture could generate $900 million in statewide annual impact and 3,500 new jobs.

There always will be risks involved in bringing new technologies to the marketplace. The Jamestown Oxy-Coal Project is a first of its kind. Trying to compare it to the previously proposed Huntley Project is truly comparing apples to oranges in terms of size, technology and financial risk. This project has the potential to put Western New York on the map as a global energy leader.

It’s time for all stakeholders to come together. The only way we can realistically reduce our carbon dioxide emissions is to spur investments in carbon dioxide capture and storage projects.

Harvey G. Stenger, PhD, is dean of the University at Buffalo’s School of Engineering and Applied Sciences.