Carbon capture and storage discussion featured on The Global Energy Transition Podcast
In a potentially game-changing development, the fossil fuel industry is finding new ways to profit from high oil prices, all while the climate crisis continues to loom large. One of the key drivers of this trend is the increasing adoption of Carbon Capture and Storage (CCS) technology.
Recent reports indicate that CCS projects are driving new oil and gas extraction globally, a finding supported by DeSmog's research. This technology, which is starting to take off in Saudi Arabia and Europe, is being hailed as a potential solution for capturing over 90% of carbon dioxide emissions from power plants and industrial facilities.
However, concerns are being raised about the effectiveness of CCS in addressing the climate crisis. For instance, David Buchsbaum has discussed the potential dangers of combining CCS with Enhanced Oil Recovery (EOR), a process that enhances oil production by injecting CO2 into oil reservoirs.
The UK and the European Union have set ambitious targets for CCS. The UK has set a 30-million-ton target for CCS by 2030, while the EU has set a goal of having 50 million tons of CO2 storage capacity by the same year. Governments worldwide are investing heavily in CCS, with hundreds of new projects being built or planned.
Despite these promises, the reality has fallen short, according to DeSmog's reports. As of now, there are less than 45 commercial CCS projects in operation worldwide, with a combined capacity to capture only 50 million tonnes of carbon dioxide annually.
The increased use of CCS could mark a new dawn for the oil industry, as suggested in the article "CCS Seduction IV" by EnergyTransition. However, David Schlissel, Director of Resource Planning Analysis for the Institute for Energy Economics and Financial Analysis (IEEFA), warns that excessive government subsidies are converting old power plants into carbon factories, diverting funds away from renewables.
The Global Energy Transition podcast recently featured a discussion about CCS, with David Schlissel as a guest. The podcast delved into the potential benefits and drawbacks of CCS, highlighting the need for a balanced approach in the pursuit of a sustainable energy future.
Notable companies and organizations currently involved in planning and developing carbon processing projects in Europe include Fraunhofer-Institute, Siemens (in hydrogen gas turbine and EU projects like Hyflexpower), and various research and industrial partners engaged in sustainable technologies such as thermal plasma gasification processes in Greifswald, as part of initiatives focusing on circular economy and CO2 reduction.
As the debate on CCS continues, it's clear that this technology, while not a silver bullet, could play a role in the transition towards a low-carbon future. However, it's crucial that we proceed with caution and ensure that our efforts are truly addressing the climate crisis, rather than merely profiting from it.
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