When the global community was focused on the U.S. presidential election last fall, a huge story was developing in Norway: Its parliament was preparing to finance “the greatest” carbon capture project in the world that would cut emissions and jumpstart the technology. It would first be implemented at a cement factory. It is the type of thinking that Prince Charles of Wales said is critical if the international community is to meet its obligations under the Paris climate agreement and to keep temperatures in check. To learn more, read “Without Carbon Capture And Storage, The World Can’t Meet Its Climate Target.” Reading this article may require a subscription.
- Prince Charles specifically endorsed Net Power, which is working with Toshiba Corporation to burn natural gas in oxygen to create pure CO2 – much of which is captured, heated and used to create electricity. The remaining CO2 is captured and either sequestered underground or used to enhance oil recovery.
- Carbon capture and sequestration is feasible, but expensive. However, a tax credit is now given to coal, natural gas and oil companies that can capture or reuse their CO2 releases. Known as Q45, it gives a credit of $50 per ton for CO2 that is buried and $35 per ton for CO2 that is re-utilized.
- Exxon Mobil Corp. wants to catapult the concept further by using carbonated fuel cells that concentrate and capture the CO2 from power plants, while substantially reducing costs.
- Net Power’s Bill Brown says that instead of choosing specific fuels, the United States needs to choose a future – one that is set on becoming carbon neutral by 2050.
Path to 100% Perspective:
Free-market forces are pushing companies, large and small, to address climate change. The innovative technologies being developed and deployed by companies like Net Power, Exxon, and Norway’s Gassnova will go a long way to make carbon capture and storage both affordable and accessible for the entire world. While much more will need to be accomplished before achieving a 100% renewable energy future, these efforts are charting a productive course to meet the Paris climate agreement’s goal of net-zero carbon releases by 2050.
Photo by Matteo Catanese on Unsplash