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One of the greatest technological advancements in the climate change space is, arguably, the fact that we now have the technology to outright remove CO2 from its point of emission, or even the atmosphere. This technology–called carbon capture utilization and sequestration (carbon capture for short)–is a huge step forward in solving the challenge of pollution from fossil fuel and should be considered a huge coup for the climate movement.

Wrong. Back in 2021, over 500 conservation organizations took out a full-page advertisement in The Washington Post opposing any carbon capture technology, leading to a bizarre irony where climate-focused organizations are opposing proven climate solutions. The carbon capture debate has revealed that in many ways climate progress is not held back by economics, but by idealogues that have an alternative agenda that overlaps with—but is not consistent with—climate progress. Is the objective to put fossil fuel companies completely out of business (a naïve and impractical goal) or to solve the problem of climate change from carbon emissions?

Carbon capture technology has been something of a Holy Grail for the climate movement for some time now. Admittedly, it is still in its infancy, and it remains to be seen if it will achieve wide-scale adoption. But, for all the advancements we’ve had on the clean energy front, there is no getting around the fact that we have not yet learned how to easily decarbonize many industries. Industries like cement production, air travel, and maritime shipping are growing sources of greenhouse gases with decarbonization solutions running into challenges of cost or scalability. And while the U.S. and Europe are keen on investing in green alternatives for energy and industry–which is a boon to the climate—one can’t ignore that much of the world still relies on coal, accounting for over a quarter of total global energy. China alone accounts for more than half of the world’s coal consumption, and is building new coal plants.

Carbon capture technology offers a feasible climate solution that can be deployed even in areas that are unlikely to rapidly decarbonize, and for industries that do not yet have viable decarbonization options.

However, for some climate advocates, because carbon capture does not eliminate fossil fuel use, they fear that instead this technology will lead to expanded fossil fuel consumption and infrastructure globally. As such they staunchly oppose any use of carbon capture technology. There are, though, two big problems with this animosity towards carbon capture.

The first is that, at this time, we do not expect the world to rapidly wean itself off fossil fuels. In fact, global fossil fuel consumption is projected to rise 17% by 2050. We are continually struck by the failure of those opposed to carbon capture to accept the reality of continuing coal consumption in countries like China and India as they look to alleviate poverty and raise their living standards to similar levels as those enjoyed in the West. Carbon capture works even in places and industries where renewable energy is challenged, and at times that renewable energy is unavailable. For nations that have massive fleets of coal power plants (especially in Asia), carbon capture technology offers an opportunity to decarbonize power without the added cost of early retirement for brand new power plants. The idea that the world is going to decarbonize by giving up fossil fuels is not based on any realistic expectation. As long as there are regions where fossil fuels are cheaper than renewable energy and batteries, this will be the case. And while fossil fuel companies continue to pursue climate objectives and net-zero emission targets, they face limits on what they can do to influence the demand side of the equation.

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Robert G. Eccles

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Robert G. Eccles of Saïd Business School, University of Oxford is the author of a number of books on integrated reporting, sustainability and the role of business in society. His focus is on sustainability from both a company and investor perspective. Professor Eccles is also involved in a variety of initiatives to embed environmental, social, and governance (ESG) issues in real world decision making. One of these is the Sustainability Accounting Standards Board (SASB), of which he was the founding chairman. In 2018, Professor Eccles was selected by Barron’s as one of the top 20 influencers on ESG investing.

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