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18 COMMUNICATING THE VALUE OF CO2 RESULTS AND DISCUSSION Opportunities • Respondents overwhelmingly said that the sector’s potential to combat climate change was most exciting to them (Figure 14). • The high ranking of “revenue and business opportunity” may reflect the high proportion of entrepreneurs and innovators among survey respondents (38%), but nevertheless, it was chosen by 70% of all respondents. This demonstrates a strong belief, at least among insiders, that there is clear profit potential in the sector. • It is of note that respondents highlighted the sector’s potential for technological development, which may be due to the high representation of people with scientific and engineering backgrounds. But it makes clear that respondents believe strongly that R&D in one area of the sector (e.g., carbon capture efficiency from point sources, or increased efficiency and reduced cost of renewable electricity generation) can lead to advances throughout the sector, enabling more rapid scaling of new solutions and perhaps even leading to advances in wider economic sectors. Challenges • Concerns about the current cost of carbon capture and opportunities for scalable, profitable business models may explain why the largest percentage of people ranked economic feasibility as a major challenge (Figure 15). • The high ranking of technical and engineering feasibility speaks to the skepticism many hold regarding both the cost of carbon capture and its ability to be transformed at scale into products. • Policy support, or lack thereof, seems to be of less concern, perhaps due in the U.S. to the recently passed 45Q tax credit, anticipation of new or expanded carbon pricing in Canada, Europe, and several states, or to a belief that the sector can scale without government assistance. • The “moral hazard” argument scored low, suggesting that it does not have wide currency amongst a techno-economic crowd.5 It is also possible that many respondents are simply not familiar with the term. However, in comments, many voiced strong concerns about it. As one person noted: “Most carbon recycling [technologies] will not actually reduce the amount in the atmosphere, just increase it less than fossil options.” [The] sector is still small, and there are few commercialized technologies. Potential is huge, but the technology needs to develop. There is a general lack of transparency on the state of technology and common metrics to assess cost and carbon balance. 5 Moral hazard refers to the concern that “techno-fixes” for CO emissions such as capture, utilization, and storage will actually support continued, 2 unabated use of fossil fuels and their associated greenhouse gas emissions. It also refers to the risk that the existence of CO2- utilization technologies will give the perception that the CO2 and climate problems are now solved, and that no further action is required.PDF Image | Xprize Carbon Communicating Value CO2
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