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Main conclusions: First, significant amounts of coal and gas would be required to obtain anything more than a marginal production of liquids. Second, the economics of CTL plants are clearly prohibitive, but are better for GTL. Nevertheless, large-scale GTL plants still require very high upfront costs, and for three real-world GTL plants out of four, the final cost has been so far approximately three times that initially budgeted. Third, both CTL and GTL incur significant environmental impacts, ranging from increased greenhouse gas emissions (in the case of CTL) to water contamination. Environmental concerns significantly affect successful implementation.