CNBC's Anmar Frangoul is reporting that on carbon capture.
Businesses, politicians, and environmental organizations are actively discussing methods to reduce emissions and combat climate change, especially with the upcoming U.N. Climate Change Conference (COP28). Among the discussed solutions are wind turbines, green hydrogen, solar panels, and natural gas. However, carbon capture technologies are particularly contentious.
At the recent ADIPEC oil and gas conference, Lorenzo Simonelli, CEO of energy technology firm Baker Hughes cited the U.S.'s Inflation Reduction Act and European policies as factors enabling the scalability of carbon capture. 50% of the firm's first-half order intake pertained to CCUS (carbon capture, utilization, and storage), a process that captures carbon dioxide emissions and either reuses or stores it. This differs from CCS, which only captures and stores CO2 emissions. Other solutions include direct air capture, with companies like Climeworks leading the way.
Microsoft's co-founder, Bill Gates, has mentioned utilizing Climeworks for direct air capture. While the sector has influential supporters, it isn't without challenges. The International Energy Agency states that direct air capture is more energy-intensive and costly than other methods. It also clarifies that such technologies shouldn't replace emission cuts.
However, organizations like Greenpeace have critiqued carbon capture, labeling it as greenwashing by oil and gas companies. Pope Francis, in his letter "Laudate Deum," acknowledged the potential of technological interventions in climate change but warned against solely relying on them. He stressed the dangers of believing that future problems could only be addressed through new technological solutions.
(This article was written with assitance from ChatGPT)