“There’s the thought that we should spend whatever it takes to keep global warming below 2 degrees C,” one environmental expert said.
From Big Oil to Big Tech, companies are rushing in to a new kind of business they believe will keep their industry surviving in the new net-zero economy: carbon capture.
So-called carbon capture initiatives typically involve actively drawing carbon dioxide out of the air or scrubbing the heat-trapping greenhouse gas out of the emissions from factories and power plants. While the technology has been used for decades by oil manufacturers to pump more oil, only in the last several years have other industries started to embrace the technology as a way of combating climate change.
With the oil market still fragile after inventories reached historic highs early in the pandemic, carbon capture has become a major draw for fossil fuel titans as they scramble to stay afloat in a new green economy.