The captured carbon dioxide can be used to make fuel, plastics, even bubbles. It is unquestionably a colossal investment, but with ample potential returns - beyond of course saving the planet. "The price has already come down dramatically, and as it scales up, I think it's not unrealistic to think that this is a viable opportunity," he said.Īlex estimates that the world needs about 50,000 carbon-capture plants by 2050, which would cost about $10 trillion. We have to sequester carbon at a high rate," said Ken Alex, director of Project Climate at the Center for Law, Energy and Environment at the University of California, Berkeley.Ĭarbon-capture technology has been around for a while, he noted, but was considered too expensive. Now the state of California is working on plans to use carbon capture to reach its aggressive goal of carbon neutrality. He likens it to the fast rise of electric vehicles, solar panels and wind farms.
And I think those are the kinds of investors that see that there's a long-term return on this," said Beuttler.
"It has to become a trillion-dollar market. "This has to reach several gigatons in terms of scale and not just technologies like direct air capture, but all carbon removal solutions combined. To put it in perspective, globally we are emitting 40 billion tons.īeuttler calls the plant a "drop in the bucket," but the bucket is getting bigger fast, as new companies like Climeworks, as well as governments, seek to monumentally expand what is called direct carbon capture. The plant in Switzerland removes about 900 tons of carbon dioxide per year, according to Climeworks policy chief Chris Beuttler. The company behind it, Climeworks, is one of the few offering the technology to basically vacuum the atmosphere of carbon. So-called direct air capture is the leading edge of what could become the largest environmental industry aimed at saving the planet. Just outside Zurich, more than a dozen massive fans are fast at work, cleaning the air of carbon dioxide. There is, however, a technology that's being touted as a way to get us there faster - vacuuming carbon from the atmosphere - and major investors are now piling in. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Even when complete, that will amount to a tiny percentage of the total global emissions of carbon dioxide released into the air each year: In 2021, they hit a record high of 36.3 billion metric tons, according to the International Energy Agency.Best Debt Consolidation Loans for Bad Credit In June, Climeworks announced it had begun construction of its second commercial-sized plant in Iceland that will capture and store 36,000 metric tons per year of carbon dioxide. Natural processes convert the material to solid carbonate minerals in about two years. CarbFix dissolves carbon dioxide in water then intermingles that mixture with basalt rock formations. In addition to getting corporate clients to pay for future removals, Climeworks has raised more than $780 million to scale up from a wide variety of investors including venture capitalist John Doerr and insurance company Swiss Re.Ĭlimeworks' largest carbon dioxide removal facility is located in Iceland, where it partners with CarbFix, which stores the gas underground.
Individuals can also pay to Climeworks to remove carbon dioxide to offset their personal emissions. But the general price for carbon removal runs to several hundred dollars per ton. The cost of carbon dioxide removal and storage for these corporate clients is confidential and depends on what quantity of carbon dioxide the companies want to have removed and over what period of time. Now Climeworks is actually removing the carbon dioxide and putting it underground in a process that has been certified by DNV, an independent auditor. Over the last couple of years, Microsoft, Stripe and Shopify have all bought future carbon removal services from Climeworks in a bid to help kick-start the nascent industry.
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