Energy
Wednesday, October 25th, 2023 2:24 pm EDT
Key Points
- Carbon Capture Technologies: As the U.N. Climate Change Conference (COP28) approaches, carbon capture technologies are gaining attention as potential tools in the fight against climate change. Carbon capture, utilization, and storage (CCUS) aims to capture carbon dioxide emissions from various sources and either reuse or store them to prevent them from entering the atmosphere. This technology has garnered interest from both businesses and policymakers.
- Varied Approaches: CCUS includes processes like carbon capture and storage (CCS) for industrial emissions and direct air capture (DAC). Climeworks, a company specializing in direct air capture and storage, has received investments from prominent organizations, including the Microsoft Climate Innovation Fund. These technologies have high-profile backers but also face challenges, including the high energy intensity and cost of capturing carbon dioxide directly from the air.
- Diverse Opinions: Carbon capture remains a divisive technology, with varying opinions on its effectiveness. While some advocate its role in mitigating climate change, organizations like Greenpeace express skepticism. They argue that carbon capture is not zero-carbon, unlikely to see significant cost reductions or scalability, and may be used for “greenwashing” by the oil and gas industry. Even Pope Francis has weighed in, cautioning against relying solely on technical solutions to address climate challenges and emphasizing the need for a broader shift in mindset.
The upcoming U.N. Climate Change Conference (COP28) has put the spotlight on various technologies and innovations to combat climate change, including carbon capture. During the ADIPEC oil and gas conference, energy technology firm Baker Hughes CEO Lorenzo Simonelli discussed the scalability of carbon capture, emphasizing its growth and potential. Carbon capture, utilization, and storage (CCUS) is a process that captures carbon dioxide emissions, preventing them from entering the atmosphere. It differs from carbon capture and storage (CCS), which stores industrial CO2 emissions. Direct air capture is another approach, with companies like Climeworks operating in this space, supported by high-profile investors such as Microsoft’s Bill Gates. However, the technology faces challenges and debates about its effectiveness. Critics argue that it is not a zero-carbon solution and is often used for greenwashing by oil and gas companies. Nevertheless, proponents believe it can play a role in achieving climate goals, working alongside other emission reduction strategies. The International Energy Agency notes that direct air capture is more energy-intensive and costly than capturing emissions from point sources. Prominent figures like former BP CEO Bob Dudley see CCUS as a vital tool in the energy transition, emphasizing the need for a mix of technologies, including natural gas, to achieve climate goals. Carbon capture remains a divisive technology, with supporters and critics debating its effectiveness and role in the fight against climate change. Pope Francis has also weighed in, highlighting the need for both technological advancements and a broader mindset change to address climate challenges.
For the full original article on CNBC, please click here: https://www.cnbc.com/2023/10/25/from-bill-gates-to-the-pope-talk-of-carbon-capture-is-dividing-society.html
