As climate change becomes an ever more pressing issue by the day, many new initiatives are being launched to help battle the climate crisis. Here is our summary of what has been happening in the carbon industry today.
Hedge funds focused on California carbon market
This week, prices on carbon in the EU soared, bringing the total price up 100% since the beginning of the year. And amid the euphoria, hedge funds are circling in on the carbon market in California, both as a hedge against rising inflation and as an environmental play.
And it is all based on the simple logic that if governments are to decrease pollution, the price on carbon can only increase.
Scientists find way to capture carbon using liquid gallium
Research led by the University of New South Wales (UNSW) discovered liquid gallium has unique catalytic properties that allow it to convert CO2 into oxygen and a solid carbon product that is highly valued in many sectors, including construction, automotive parts, batteries and others.
The team of engineers has yet to build a larger proof of concept to showcase the applicability of this technology on an industrial scale, and a new prototype is expected to be developed by early 2023.
French farmers support carbon farming
As France proceeds with its low-carbon strategy, local farmers have announced their support of more sustainable agricultural practices that will also help soil sequester CO2 emissions from the air. However, they are well aware of the difficulties that the transition will pose and have called for financial aid from the government.
So far, France is offering to cover the 90% of the costs of carbon diagnostics for farmers, but more is needed to advance the transition. And as Immanuel Macron announced 1.9 billion euros in funding for hydrogen this week, agriculture may very well be among the next sectors to receive investments as part of the country’s strategy.
South Korea pushes to install first large-scale carbon capture and storage facility
As part of the nation’s efforts to achieve net-zero goals, South Korea is pushing the make its first commercial-scale carbon capture and storage (CCS) project a reality in the East Sea. The project’s aim is to help decarbonize industry complexes in the southeastern city of Ulsan by capturing and storing emissions in a gas field off the coast.
Starting 2025, the CCS facility is expected to store 12 million metric tons of CO2 for thirty years. A successful small-scale test has already been done in the same region, but a larger feasibility test is set to take place next month.
Guinness World Record set for first flight on only synthetic fuel
The UK’s Royal Air Force (RAF) has successfully executed the world’s first flight using only synthetic aircraft fuel. The fuel is developed and produced by the London-based manufacturer Zero Petroleum, which uses hydrogen and carbon that is extracted from the air.
Study confirms mobile carbon capture to be technically feasible
A feasibility study conducted by the Oil and Gas Climate Initiative (OGCI) and Stena Bulk, one of the world’s leading tanker operators, has concluded that mobile carbon capture in shipping is technically feasible.
Furthermore, the study found marine carbon capture to play a key role in the industry’s decarbonization goals.
Gevo and Sweetwater Energy agree to produce cellulosic alcohols
Net-zero manufacturer of energy-dense liquid hydrocarbons and renewable chemicals Gevo has signed a memorandum of understanding (MoU) with Sweetwater Energy for the production of high-value, plant-based products from cellulose and lignin in Luverne, Minnesota.
The collaboration will seek to leverage the best technologies and know-how from both sides in order to produce cellulosic alcohols and energy dense hydrocarbon fuels, among others, while lowering product carbon intensities.