Since I have been in working in climate finance, carbon capture as a solution to reduce industrial CO2 emissions has been more a myth than a reality. However, this week I have read two articles of recent technological developments that may bring light to this huge problem.
Recent announcements done by the UK government called these technologies essential and the International Energy Agency argues that the world cannot comply with the climate goals without it. I definitely agree with both statements. A large scale/impact solution must be found for these industries.
Big corporations like Exxon-Mobil and Cemex operating in one of the highest polluting industries like Oil&Gas and cement have made positive announcements that should be followed in the near future.
One of these technologies is based on the injection of H2 to improve the utilization of alternative fuels hence reducing CO2 emissions in the production of cement. Alternative fuels can replace fossil fuels in a sustainable way and this example shows that is possible with today’s applications.
Although the reduction publicly declared is not very impressive (only 10%) the route seems promising. The good news is that the necessary upgrades to install this technology seems affordable enough to make these investments feasible.
When it comes to climate there is the wrong perception that climate investments don’t need to be economically feasible and should be done at all costs. This my friends, is the wrong path to solve the problem.
Of course, this is not to say that there is no need of political support or tax/cash incentives to further develop these technologies. All efforts must go side by side. Government intervention is needed to support also R&D investments either via carbon pricing market or direct subsidies. Operations like the use of porous rocks in Norway joint initiative with Shell and Total are the typical example of this approach.
According to the IEA, recent economic forecast estimates the cost of CO2 capture facilities are circa EUR 35-100/tCO2 by diluted gas streams, where another EUR 10-20 / tCO2 for transport and storage needs to be added.
These are definitely exciting times for these technologies to mature into affordable investments. Now more than ever, public and private support should joint efforts to give a scalable solution to the emission problem to be applied worldwide.
I will definitely follow these developments in the near future… more to come…
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