6/17/2023 0 Comments Direct air capture![]() "It's a new industry and it's just getting its feet wet, but I think the possibilities are quite substantial."Ĭarbon removal also offers a new opportunity for the carbon credit market. "Those opportunities are part of the investment dynamic," said Alex. Ironically, oil producers like Exxon and Chevron are investing heavily in carbon capture because the carbon can be used to release trapped oil underground. Climeworks sells some of its captured carbon to Coca-Cola. The captured carbon dioxide can be used to make fuel, plastics, even bubbles. It is unquestionably a colossal investment, but with ample potential returns - beyond of course saving the planet. "The price has already come down dramatically, and as it scales up, I think it's not unrealistic to think that this is a viable opportunity," he said.Īlex estimates that the world needs about 50,000 carbon-capture plants by 2050, which would cost about $10 trillion. We have to sequester carbon at a high rate," said Ken Alex, director of Project Climate at the Center for Law, Energy and Environment at the University of California, Berkeley.Ĭarbon-capture technology has been around for a while, he noted, but was considered too expensive. Now the state of California is working on plans to use carbon capture to reach its aggressive goal of carbon neutrality. He likens it to the fast rise of electric vehicles, solar panels and wind farms. And I think those are the kinds of investors that see that there's a long-term return on this," said Beuttler. "It has to become a trillion-dollar market. "This has to reach several gigatons in terms of scale and not just technologies like direct air capture, but all carbon removal solutions combined. To put it in perspective, globally we are emitting 40 billion tons.īeuttler calls the plant a "drop in the bucket," but the bucket is getting bigger fast, as new companies like Climeworks, as well as governments, seek to monumentally expand what is called direct carbon capture. The plant in Switzerland removes about 900 tons of carbon dioxide per year, according to Climeworks policy chief Chris Beuttler. The company behind it, Climeworks, is one of the few offering the technology to basically vacuum the atmosphere of carbon. So-called direct air capture is the leading edge of what could become the largest environmental industry aimed at saving the planet. Just outside Zurich, more than a dozen massive fans are fast at work, cleaning the air of carbon dioxide. There is, however, a technology that's being touted as a way to get us there faster - vacuuming carbon from the atmosphere - and major investors are now piling in. ![]() Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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