Carbon Capture Investment From Governments
One of the largest aspects needed for carbon capture technology to make a tangible difference in overall emissions is wide-scale adoption. That looks to be trending positively as both the United States (US) and Abu Dhabi governments are looking to put significant financial investments into the technology. In fact, the US Energy Department has committed $24 million toward investment into research and development, or R&D, of new carbon capture technology to help reach the goal of net-zero carbon emissions by 2050.
As for Abu Dhabi, the United Arab Emirates (UAE) committed to a 25% reduction in carbon intensity over the next decade. The city’s largest oil companies are looking to partner with carbon capture businesses in order to help achieve this goal. In fact, after the latest partnership between the Abu Dhabi National Oil Company and carbon capture company Total, the goals for carbon capture in the nation seem to be on a rising trend. The program looks to increase capacity for carbon capture up to 5 million tons every year by 2030.
Many companies outside of governments have also begun making a significant financial investment in carbon capture businesses as well, with names like United Airlines and Microsoft highlighting the bunch.
Carbon Capture Investment From Companies
Microsoft has set incredible lofty goals for themselves as the tech company plans to be net-negative in emissions by 2030 and remove the company’s historic emissions by 2050. In order to do so, Microsoft has enlisted the help of carbon capture company Climeworks, who, in conjunction with rising carbon capture business Carbfix, will be removing thousands of tons of carbon from the air permanently.
On top of Microsoft’s direct contract with Climeworks to remove 1,400 tons of carbon from the air, the tech company has also funded the creation of a fully renewable, commercial-scale carbon capture and mineralization plant from the business.
Carbfix and Climeworks have already teamed up to create a new plant in Iceland that will be capable of removing 4,000 tons of carbon from the air each year.
Carbon capture companies are providing a roadmap for many businesses to reach their net-zero emissions goals and will likely continue to grow rapidly as more companies and governments look to do the same.
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.