The plan relies on carbon capture which is not yet ready for prime time. It's coming along, and capture at the smokestack is a lot more efficient than trying to suck it out of the air after it is in the atmosphere, but it is still horrendously expensive.
That said, there are already plans in motion for a CO2 pipeline system larger than the existing natural gas pipeline infrastructure.
From Politico, May 11:
The administration is launching Washington’s most ambitious effort in almost a decade to reduce the nation’s second-largest source of greenhouse gases — and hopes this one will survive in court.
The Biden administration is announcing a climate rule that would require most fossil fuel power plants to slash their greenhouse gas pollution 90 percent between 2035 and 2040 — or shut down.
The highly anticipated regulation being unveiled Thursday morning is just the latest step in President Joe Biden’s campaign to green the U.S. economy, an effort that has brought a counterattack from Republicans and coal-state Democratic Sen. Joe Manchin. That’s on top of efforts by Biden’s agencies to promote the use of electric cars, subsidize green energy sources like solar and wind and tighten regulations on products including gas stoves and dishwashers.
The draft power plant rule from the Environmental Protection Agency would break new ground by requiring steep pollution cuts from plants burning coal or natural gas, which together provide the lion’s share of the nation’s electricity. To justify the size of those cuts, the agency says fossil fuel plants could capture their greenhouse gas emissions before they hit the atmosphere — a long-debated technology that no power plant in the U.S. uses now.
As an alternative, utilities could hasten their decisions to shut down their aging coal plants, a trend that has already gathered speed in the past two decades. The rule allows plants that agree to close in the first half of the 2030s to avoid most or all of the pollution-reduction mandates.
Expanding carbon capture technology on the scale EPA is envisioning would require dramatically ramping up a nascent industry and constructing potentially thousands of miles of pipelines to carry the gas to underground storage sites.
“The public health and environmental benefits of this proposed rule will be tremendous,” EPA Administrator Michael Regan said during a briefing on the rule Wednesday. He added, “We have more than enough reason to be optimistic about what’s possible for the future of our nation.”
Electricity generation is the nation’s second-biggest source of planet-warming pollution, just behind transportation. That means that Thursday’s power plant rule and EPA’s recently proposed limits on car and truck pollution are essential to meeting Biden’s pledges to curb the United States’ contributions to global catastrophe....
....MUCH MORE, Politico goes deep on this one
A few of the reactions:
Wall Street Journal
An EPA Death Sentence for Fossil-Fuel Power Plants
Bloomberg
EPA Picks a Smarter Way to Deal With Dirty Power Plants
Energy&Environment (E&E) News
Legal war brews over EPA power plant rule
That last refers to the constitutionality of Congress handing their responibility to the executive branch's administrative state, something the Politico deep dive also addresses.
If interested in an even deeper dive the links in "Is the Securities and Exchange Commission Unconstitutional?" and "How a group of herring fishermen may get the Supreme Court to reel in government power" may reward the curious.
Additionally the new tailpipe proposal, which U.S. automakers have said will eliminate internal combustion engines is discussed in April's "E.P.A. Is Said to Propose Rules Meant to Drive Up Electric Car Sales Tenfold"
