Carbon capture gains steam as natural gas power plants face emissions cap
Summary
For example, Warren Buffett-backed oil producer Occidental Petroleum Corp. recently purchased Canadian carbon-capture startup Carbon Engineering Ltd. for US$1.1 billion. And Elon Musks XPRIZE, which is running a US$100-million carbon-removal competition, will allow teams in the final round a chance to pilot their solutions using Montreal-based Deep Skys carbon-capture facility. This makes the use of water to suppress dust a key mitigation strategy.For every tonne of CO2 Deep Sky and Exterra sequester, they will be granted a carbon credit, which they plan to sell to governments, financial institutions, and energy, technology and aviation companies, which will use them to meet ambitious goals for reducing greenhouse-gas emissions, Wallace said. Critics believe this process merely gives these companies an excuse to continue to emit greenhouse gases, as politician and environmental activist Al Gore pointed out in a recent TED Talk.Its not credible, he said. He cited a University of Oxford study that characterized carbon capture as a non-improving technology, the cost of which has not declined despite significant effort over its 50-year commercial history.