Categories: Market Overview

Carbon capture is expected to play a pivotal role in the race to net zero emissions. But not everyone agrees

Carbon capture technology is often held up as a source of hope in reducing global greenhouse gas emissions, featuring prominently in countries’ climate plans as well as the net-zero strategies of some of the world’s largest oil and gas companies. The topic is divisive, however, with climate researchers, campaigners and environmental advocacy groups arguing that carbon capture technology is not a solution. Carbon capture, utilization and storage — often shortened to carbon capture technology or CCUS — refers to a suite of technologies designed to capture carbon dioxide from high-emitting activities such as power generation or industrial facilities, that use either fossil fuels or biomass for fuel.

The captured carbon dioxide, which can also be captured directly from the atmosphere, is then compressed and transported via pipeline, ship, rail or truck to be used in a range of applications or permanently stored underground.

Proponents of these technologies believe they can play an important and diverse role in meeting global energy and climate goals. It wasn’t until several years later that carbon capture technology would be studied for climate mitigation purposes. Now, there are 21 large-scale CCUS commercial projects in operation worldwide and plans for at least 40 new commercial facilities have been announced in recent years. A report published by CIEL earlier this month concluded that these technologies are not only “ineffective, uneconomic and unsafe,” but they also prolong reliance on the fossil fuel industry and distract from a much-needed pivot to renewable alternatives.

Carbon capture is expected to play a pivotal role in the race to net zero emissions. But not everyone agrees, CNBC, Jul 21

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This team of professional journalists announces the most interesting and influential articles from the major financial media as a brief summary. All such news may have sufficient potential to affect the course of trading assets.

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