The Future of Carbon Capture and Storage

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The carbon capture and storage (CCS) industry is seen as the second in a one-two punch against carbon emissions in the atmosphere. Together with reducing emissions released in the first place, carbon capture and storage is seen as vital technology for meeting goals laid out in the Paris climate agreement. 

Carbon Capture Capabilities

Capturing carbon from the atmosphere is both a naturally occurring process as well as a technological advancement. The industry is expected to reach $1.4 trillion in investment by 2050. There are a few main ways of capturing carbon.

Au Naturale

Trees: the original carbon capture. Trees and plants can store large amounts of carbon per year, absorbing carbon through their leaves and directing it toward the roots while releasing clean oxygen. In fact, 55 percent of the carbon produced on Earth is treated naturally. This method is the most economical option on the market, with the ability to remove carbon for about $50 per metric ton.

Prevention

Bioenergy with Carbon Capture and Storage (BECCS) uses controlled photosynthesis to capture carbon before it enters the atmosphere. This method, despite being expensive, is one of the most recognized in the fight to save the environment. Currently, the focus is on the heaviest emitters, including large industries, transportation, and power generation plants.

Reduction

Direct air capture (DAC) works to pull carbon from the atmosphere once it has already been released. It requires a significant amount of energy to operate and can cost hundreds of dollars per metric ton of carbon removed. In 2019, the U.S. Congress approved $60 million for carbon removal technologies.

What to Do With Captured Carbon

Some companies are turning carbon into a solid state and storing it underground or elsewhere. Other organizations are working on ways to use the captured carbon in building and other materials. For example, carbon is an essential—yet often lacking—element in farming, so research is being done to figure out how to release carbon safely into soil and fertilizers. 

Carbon Capture in Action

Currently, most carbon capture is happening by the big oil majors and environmental startups. 

Occidental Petroleum (Oxy), expects that within 15 to 20 years, its most important business will go from oil extraction to carbon removal and storage. ExxonMobil Low Carbon Solutions is working on capturing carbon before it reaches the atmosphere, focusing on the ExxonMobil industrial plants with the greatest impact.

Another high-impact strategy comes from Silicon Valley where Chevron will partner with Microsoft, Schlumberger NV, and Clean Energy Systems to create a carbon capture and storage plant that will use 200,000 tons of agricultural waste and remove approximately 300,000 tons of carbon dioxide per year.

Despite not having a presence as an oil company, Carbfix is a pioneer in carbon capture with a large number of capture methods for different industries.

As more companies adopt direct air capture and other carbon capture strategies, the cost per ton is expected to decrease, making it more affordable for smaller producers. 

With carbon, the mantra is opposite of my fishing approach: Catch and don’t release.