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underground, as can firms using DAC. However, the CCUS process is more controversial since critics argue it helps extend the life of fossil fuel plants. Globally, there are approximately 43 carbon capture and sequestration plants that are either operating, under construction or being developed.14 In the United States, the main large-scale carbon capture and sequestration power facility is the Petra Nova power plant near Houston, Texas, which has reportedly captured 90 percent of emissions.15 When putting the economics aside, it is important to note that DAC and CCUS provide different functions. DAC is crucial to remove carbon from the atmosphere, particularly if the world “overshoots” on emissions. CCUS cannot perform the same function of reducing atmospheric concentrations of CO2. The CCUS industry has seen a large rise in entrants, in large part because it has been around for decades and has received billions of dollars in public investment. Analysts see CCUS growing even more sharply in the coming years. For instance, the consultancy McKinsey and Company and CO2 Sciences, Inc. estimate that the annual market size for the development and commercialization of CO2-based products could reach $1.1 trillion by 2030, cutting 10 percent of global emissions annually. Stakeholders who spoke to Climate Advisers for this paper suggest that the McKinsey estimate is conservative. However, as of now, despite the potential, new firms are facing difficulties – similar to DAC companies – raising enough capital from investors and finding a stable customer base for their products. Moreover, CCUS has come under criticism from some environmental groups that argue the carbon capture process does not achieve negative emissions and instead benefits incumbent fossil fuel interests. A good bit of commonality exists between DAC and CCUS. Some startups developing conversion technology are looking to team up with DAC companies to provide them with CO2. Moving forward, the economics for each individual startup will determine whether they use CO2 from DAC facilities or from an industrial source. Ultimately, all the companies in this space are seeking to create a “circular carbon economy,” which entails taking CO2 out of the atmosphere (or keeping it from ever entering the atmosphere in the first place) and then re-using it. The Ellen MacArthur Foundation defines the circular carbon economy as follows: “It entails gradually decoupling economic activity from the consumption of finite resources, and designing waste out of the system.”16 Limited Economic Potential of CDR Technologies Outside of DAC Outside of DAC, the economic potential from other CDR technology in the short to medium term is limited. The number of companies utilizing enhanced weathering, ocean iron fertilization, BECCS or biochar is small at the moment. These methods, with a few exceptions, are not yet profitable and need more research. Moreover, some have seen their own controversies and criticisms because of questions about their environmental impact. Currently in the United States, there is only one large-scale BECCs facility, which was funded with $141 million through the American Economic Recovery and Reinvestment Act of 2009.17 The project, called Illinois Industrial Carbon Capture and Storage, is a collaboration between the Department of Energy and ADM, and captures one million metric tons of CO2 per year at a corn ethanol facility. The biofuel plant 14 “The Global Status of CCS.” Global CCS Institute. 2018. https://indd.adobe.com/view/2dab1be7-edd0-447d-b020- 06242ea2cf3b 15 “Two DOE-Supported Projects Receive Awards for Carbon Capture Technologies.” Office of Fossil Energy. December 7, 2017. https://www.energy.gov/fe/articles/two-doe-supported-projects-receive-awards-carbon-capture-technologies 16 “What is a circular economy?” Ellen Macarthur Foundation. https://www.ellenmacarthurfoundation.org/circular- economy/concept 17Mooney Chris. “The quest to capture and store carbon and slow climate change just reached a new milestone.” The Washington Post. April 10, 2017. https://www.washingtonpost.com/news/energy-environment/wp/2017/04/10/the-quest-to-capture-and-store- carbon-and-slow-climate-change-just-reached-a-new-milestone/?noredirect=on&utm_term=.66cdddee4344 14PDF Image | Carbon Removal Final Report
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