Carbon Capture Tech Can’t Quite Compete With Rainforests, Yet

Investing in Direct Air Capture to Achieve Sustainable Development Goals

The Need for Carbon Removal

In March 1983, President Reagan proposed a space-based program called “Star Wars” to defend the United States against nuclear missiles. While this idea remained a pipe dream, it did lead to increased military spending and forced the Soviet Union to also allocate resources. Eventually, the two sides reconciled, and the Cold War came to an end.

Now, the Biden Administration is embarking on a new mission. The U.S. Department of Energy plans to invest $3.5 billion in the construction of four “direct air capture” facilities that can remove CO2 from the atmosphere. However, the challenge lies in effectively sequestering or utilizing the captured CO2 to make industrial materials like cement or steel. This technology is still in its early stages and comes with a high cost.

Scaling Up Direct Air Capture

Unlike the Star Wars program, companies are already demonstrating direct air capture technology on a small scale. For example, Swiss-based Climeworks has launched Iceland’s largest direct air capture project, which aims to capture and store 36,000 metric tons of CO2 annually. Major companies like Microsoft Corp. and Shopify have expressed interest in utilizing these services.

However, the current amount of carbon removal achieved through direct air capture is negligible compared to the annual global emissions of 36.3 billion metric tons. Climeworks’ ultimate goal is to remove 10 billion tons of CO2 per year by 2050. While the cost of removing a ton of CO2 is estimated to be $600, Climeworks aims to reduce it to $100 per ton.

Considering Alternative Solutions

While direct air capture is a commendable goal, its high cost raises questions about whether governments and investors should focus their resources on proven technologies, cleaner fuels, and natural solutions like rainforest preservation. Rainforests already play a crucial role in absorbing CO2 from the atmosphere without the need for additional infrastructure. However, rainforest nations require carbon finance to ensure the preservation of their trees.

Between 2005 and today, rainforest nations have prevented the emission of 9 gigatonnes (9 billion metric tons) of CO2. To support their efforts, carbon finance can take various forms, including direct contributions, carbon credit sales, and establishing funds to address climate change impacts. Rainforest nations need at least $100 billion to protect their forests.

Governments Leading the Way

To address the issue of carbon capture, the U.S. Department of Energy will invest $1.2 billion in two demonstration projects in Louisiana and Texas. These projects aim to remove 2 million metric tons of CO2 annually from the atmosphere. Additionally, Occidental Petroleum is acquiring Carbon Engineering for $1.1 billion to develop carbon capture technology and plans to build at least 100 direct air capture plants. The company also received an Energy Department grant for a similar project in Texas.

While direct air capture technology shows promise, it will take time to scale up. This highlights the importance of supporting rainforest nations that are already providing significant carbon removal benefits. Rainforests offer a cost-effective and immediate solution to combat climate change.

The Role of Government Funding

Martin Keighley, CEO of San Antonio-based carbon capture company CarbonFree, emphasizes the need for collaboration and government funding to address the immense challenge of carbon reduction. Investing in direct air capture can accelerate carbon financing and benefit all stakeholders involved in capturing or retaining CO2, including rainforest nations.

Ultimately, a combination of engineered and natural solutions is necessary to tackle climate change effectively. While government funding serves as a catalyst, market-driven value creation will play a crucial role in incentivizing the adoption of technologies like direct air capture, carbon capture, and rainforest preservation.

Direct air capture may not be as fantastical as Star Wars, but it holds promise for achieving sustainable development goals. As this technology develops, it is vital to recognize the value of rainforests and provide the necessary financial support to ensure their continued contribution to carbon removal efforts.

SDGs, Targets, and Indicators

1. SDG 13: Climate Action

   • Target 13.1: Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters
   • Target 13.2: Integrate climate change measures into national policies, strategies, and planning
   • Target 13.3: Improve education, awareness-raising, and human and institutional capacity on climate change mitigation, adaptation, impact reduction, and early warning
   • Target 13.5: Improve the capacity of developing countries to implement effective and sustainable mitigation and adaptation actions
   • Target 13.7: Promote mechanisms for raising capacity for effective climate change-related planning and management in least developed countries and small island developing States

   The article discusses the need for carbon capture technologies, such as direct air capture, to address climate change and reduce CO2 emissions. This aligns with SDG 13, which focuses on taking urgent action to combat climate change and its impacts.

2. SDG 7: Affordable and Clean Energy

   • Target 7.2: Increase substantially the share of renewable energy in the global energy mix
   • Target 7.3: Double the global rate of improvement in energy efficiency

   The article mentions the need to invest in proven technologies and cleaner fuels as alternatives to direct air capture. This relates to SDG 7, which aims to ensure access to affordable, reliable, sustainable, and modern energy for all.

3. SDG 15: Life on Land

   • Target 15.1: Ensure the conservation, restoration, and sustainable use of terrestrial and inland freshwater ecosystems
   • Target 15.2: Promote the sustainable management of all types of forests, halt deforestation, restore degraded forests, and substantially increase afforestation and reforestation globally

   The article highlights the importance of rainforest preservation as a natural solution for carbon removal. This aligns with SDG 15, which focuses on protecting, restoring, and promoting sustainable use of terrestrial ecosystems, including forests.

Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.

Source: forbes.com

Join us, as fellow seekers of change, on a transformative journey at https://sdgtalks.ai/welcome, where you can become a member and actively contribute to shaping a brighter future.