![]() ![]() Much of this carbon dioxide is used in the oil industry rather than stored permanently. Currently, the carbon capture market amounts to roughly 40-50 million tonnes of carbon dioxide per year, or just 0.1% of human-related emissions, says Andrew Shebbeare of Counteract, which invests in a range of carbon removal technologies. Thus the necessity of continuing to operate at least some carbon emitting industries means that a large amount of carbon will need to be captured if net zero is to become a reality. “Even when everything that can be decarbonised has been decarbonised, there are still significant sources of greenhouse gas emissions that are not energy related but created in the chemical process itself of making vital products that society needs.” These include industries such as cement, steel and glass, as well as waste treatment processes. Part of the case for CCS is that “renewable power alone isn’t going to get the world to net zero”, says Tom White of C-Capture, which designs chemical processes for carbon capture. And from a market perspective, attempts to put a price on carbon emissions in order to support renewables – either through taxes or tradable permits – have played a major role in making carbon capture economically viable. However, even he accepts that the need for practical solutions means that carbon capture is here to stay. If badly handled, carbon capture could become counterproductive, especially if business starts to view it as a “get out of jail card” that will enable them to avoid doing the hard work around reducing emissions, says Mike Appleby, investment manager on the Liontrust Sustainable Investment Team.
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