Does Carbon Capture and Storage Make Sense?

There are countless ideas out there right now about how to reduce the amount of CO2 that we are sending into the atmosphere, and even removing some that is already there. There is one idea that I'm having a hard time with, and that is Carbon Capture and Storage (CCS).

Principally, CCS involves capturing the CO2 that is emitted by fossil-fuel powered electrical generation plants (coal in particular), and then storing it permanently underground or deep in the ocean. CO2 is already injected into the ground by oil companies to squeeze every drop of oil possible out of oil wells, so the process isn't new. What is new is collecting CO2 specifically to prevent it from going into the atmosphere.

Ocean storage is a very new and controvertial option because the CO2 over time eventually makes it into the atmosphere and in certain applications would dramaticlaly acidify the water, killing ocean life in the storage area. We just don't know enough about how this system would work and what effects it would have on the ocean and the planet in general.

Underground storage is clearly the safer option and is very well understood...yet it remains a less than ideal process. The main issue for me is that CCS simply buries the problem. Much like nuclear waste that will be stored forever, storing the CO2 just creates another problem. To me it makes far more sense to stop pumping out the CO2 to begin with, then we don't even have the problem. The process is still in development phase, so it's not like we can start capturing all the CO2 from power plants right away. And it's been shown that there are more than enough ways to generate the energy we need by renewable means. Here is some info about CCS:

• The UN Intergovernmental Panel on Climate Change has estimated that CCS applied to a modern power plant could capture 80-90% of the CO2 released, but to do so would consume 25-40% more fuel (coal) and the cost of electricity from said plant would increase by 21-91%!
• It is widely agreed that underground CO2 storage is safe and that 99% of stored CO2 is likely to remain underground over 1000 years with no reason it shouldn't remain there for millions of years. But what if it doesn't stay stored? What if there is a leak? CO2 is deadly in high enough concentrations. As an example, albeit a natural one: http://en.wikipedia.org/wiki/Lake_Nyos
• The government of Alberta has announced it will invest $2 billion in CCS technology. Where is the investment in what will power the province once all the oil and coal run out? At this point the government is clearly still stuck on oil and the oil companies.
  

It doesn't make sense to be spending money on a temporary solution, when there are options that would wean us from fossil fuels forever. A combination of hydro, solar, wind, wave, tidal, methane capture (from landfills and sewage) and biomass generating plants and systems would ensure a continuous supply of electricity no matter what the weather or location.