Companies such as Chevron, Exxon, Baker Hughes and SLB are accelerating efforts to increase carbon capture and storage in the US, with a view to achieving net-zero emissions by 2050. Despite the potential, the technology faces significant challenges of cost, logistical complexity and controversy.
Currently, carbon capture and storage technology is expensive and complex, facing criticism over its role in the energy transition. Despite this, the oil and gas industry believes that carbon capture could be a viable solution for reducing emissions in heavy industries, such as cement and steel, which have few alternatives for reducing their emissions.
An example of such investment is the proposed project at International Paper’s Vicksburg mill, which is set to receive up to 88 million dollars in funding from the US Department of Energy. If successful, the project will capture and permanently store 120,000 tons of carbon dioxide per year.
Other companies, such as Chevron and Exxon, are investing in similar projects along the US Gulf Coast, aiming to store large quantities of carbon dioxide from industrial emissions. The technology faces challenges, but the companies are confident that, in time, it will become economically viable and an essential tool in reducing emissions.
Although carbon capture and storage technology still faces significant challenges, such as high costs and logistical complexity, companies believe it is an essential tool in reducing emissions in sectors such as heavy industry. Collaboration between companies and government support are driving the development of the technology, but there is still a long way to go before carbon capture becomes a widely adopted solution to combat climate change.
Source:@CNBC
