Carbon Engineering, a Canadian company based in the province of British Columbia, develops a technology called direct air capture that sucks carbon dioxide out of the atmosphere to send it back underground or use it to make products such as synthetic fuels, fertilizers or fuels., reported last Tuesday Toronto Star.
The company, among whose investors they find each other the tycoons Bill Gates y Murray Edwards, is part of the carbon capture, use and storage industry and its activity focuses on eliminating emissions from the sectors that are most difficult to decarbonise, in particular transport, as well as cleaning up emissions from the past. In addition, with the carbon dioxide captured, the company plans to generate more environmentally friendly fuels for airplanes, boats and automobiles.
Although facilities in this sector have been operating since the 1970s, investment in this technology has increased considerably in the last three years, after the UN Intergovernmental Panel on Climate Change (IPCC, for its acronym in English) resolved that current attempts to reduce emissions would not be enough to limit global warming to 1.5 degrees Celsius and that carbon removal would have to be humanity’s ultimate goal.
According to the Global CCS Institute think tank, in December 2020 there were 26 capture and storage facilities large-scale carbon plants in operation worldwide and 37 in various stages of construction. These facilities are already capturing 40 million tons of carbon dioxide a year.
However, to meet the targets set by the IPCC, production will have to increase at least 100 times by 2050. Carbon Engineering has ambitious plans to install plants around the world, each of which will be able to capture one million tons of carbon per year, which is equivalent to approximately 40 million trees or to remove 200,000 vehicles from the roads in one year.
Experts predict that the carbon capture and storage industry will grow approximately 13% annually and will reach the $ 9,990 million by 2027.