The business of carbon removal
A U.S. oil company is investing heavily in what could become a game-changing technology: Sucking carbon from the sky. Two business models are vying for primacy over how this technology will be used.
By Camila Domonoske, NPR | Heard on All Things Considered
CAMILA DOMONOSKE, BYLINE: Major climate groups say we will need to pull a lot of carbon from the sky. Giant carbon-sucking machines are one way to do it - a difficult way - right now, a very expensive way. But companies are starting to do this, following two different paths for turning carbon into money. One is to store it and charge for that good deed. The other is to use carbon dioxide to make oil. Let's talk about the oil first.
DOMONOSKE: Climeworks and Global Thermostat, another company in this burgeoning industry, are intentionally focused on storing carbon without making more oil. Here's the thing - both pathways rely on the government to have any hope of being profitable, and the government is trying to incentivize storage. After a lobbying push from an unusual coalition, including green groups and Oxy, the Federal government is pouring lots of money into this. Here's Secretary of Energy Jennifer Granholm announcing funding for two carbon sequestration hubs.
