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Sources: News reports, company data, BNEF, Barclays Some companies are exploring using enhanced weathering, BECCS, and biochar to both cut CO2 and make profits, but despite a handful of success stories, most operations have not yet gone far beyond the research stage. Researchers point out that these technologies are not ready for large-scale use due to high costs and unintended negative environmental impacts. This section looks at the economic opportunities in the different carbon removals technologies, which ones hold the most promise, the leading companies, and what actions investors are taking. DAC Companies Look to Utilization A lot has gone well for direct air capture – policymakers are showing more interest, startups are developing the technology, costs are high but falling, and one DAC company (Climeworks AG) has commercialized and captured the imagination of both supporters and critics of CDR. Despite this progress, a question loomed over the nascent industry about how companies could generate profits in the long term by capturing CO2. Companies are looking to use the carbon they take from the air and turn it into commercial products they sell. Climeworks is already progressing in this area. The growing success of Climeworks, both technologically and financially, will likely inform other DAC initiatives, such as Global Thermostat and Carbon Engineering, and companies looking to profit with carbon capture. As of the third quarter of last year, Climeworks had raised more than $51 million and constructed nine DAC facilities in six countries.4 In Iceland, Climeworks’ facility has stored CO2 it captures in basalt rock, and the company has struck a deal with Coca-Cola’s subsidiary in Switzerland for CO2 use in its soda drinks. This partnership provides the opportunity for Climeworks to commercialize the CO2 it removes from the atmosphere, helping it meet its goal of capturing one percent of global CO2 emissions by the middle of next decade. As of now, however, the company is taking only a modest amount of CO2 out of the air – 1,100 metric tons annually at its three plants that are now running.5 Estimates say that 400 DAC facilities are needed to draw down one percent of emissions from the atmosphere.6 As noted earlier, Minx’s study projects that hundreds need to be constructed each year to pull enough CO2 out of the air to keep warming to 1.5 degrees. Why Can’t the Industry Move Faster? Even though a number of companies are now testing CDR technology, overall investment remains low, particularly when considered in the context of the myriad climate challenges. Firms in this nascent industry need outside funding because their technology has, for the most part, not gone beyond the pilot phase and reached commercialization. Entrepreneurs are currently in the process of seeking a sustainable business model. “High cost barriers to entry prevented companies from pushing forward on innovation, which in turn prevented the technology from getting cheaper,” said Jesse Jenkins, a leading scholar on climate change and clean energy.7 4 Sampson, Joanna. “Climeworks raises funding to commercialise CO2 removal technology.” Gasworld. August 28, 2018. https://www.gasworld.com/climeworks-raises-funding/2015328.article 5 Rathi, Akshat. “Climeworks has opened a third plant capturing carbon dioxide from the air.” Quartz. October 1, 2018. https://qz.com/1407687/climeworks-has-opened-a-third-plant-capturing-carbon-dioxide-from-the-air/ 6 Siegel, RP. “The Fizzy Math of Carbon Capture.” Grist. October 10, 2018. https://grist.org/article/direct-air-carbon-capture- global-thermostat/ 7 Kahn, James. “Can Updated Tax Credits Bring Carbon Capture Into the Mainstream?-Greentech Media.” Carbon Utilization Alliance. February 26, 2018. https://www.cua.earth/news/2018/2/26/can-updated-tax-credits-bring-carbon-capture-into-the- mainstream-greentech-media 10PDF Image | Carbon Removal Final Report
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