All well and good, but doesn't exactly solve the problem of greenhouse gas emissions.
Sure it does. (Not that one small pilot project solves the problem, I mean if the tech is scaled up.) It's carbon-neutral just like biofuels are, it does not add any net CO2 to the atmosphere: it only puts in what it took out to make the fuel in the first place. (I suppose your could even use it to remove CO2, to get us back to 350ppm via carbon sequestration -- make up a bunch of "blue crude" and then stick it underground, running an oil well in reverse.) The problem with greenhouse gas emissions is fossil carbon, which puts in carbon that was captured millions of years ago.