Occidental Petroleum is leading the global charge to vastly expand the use of technologies that suck up carbon dioxide. The failure of company’s biggest-ever bet shows the challenges ahead.
TLDR, they are focusing more on the newer technology found in Stratos that pulls CO2 from the air vs Century, the 13 year old plant, that gets it directly from emissions generated from a gas plant. And that gas plant hasn’t been producing enough for the Century plant to be cost efficient.
This not a climate change article. It’s an investment/economics article about Occidental Petroleums outlook and market performance in its attempt to make Carbon Capture a very profitable business.
Here’s the thing: in almost all cases, it’s cheaper to not emit in the first place than to pay for carbon capture. So the economics of it actually matter quite a bit.
Yeah, this is the sneaker. Unless they’re powering carbon capture with green energy or perpetual motion (spoiler alert), they’re basically burning a whole lot more carbon to claw back a little already emitted carbon.
TLDR, they are focusing more on the newer technology found in Stratos that pulls CO2 from the air vs Century, the 13 year old plant, that gets it directly from emissions generated from a gas plant. And that gas plant hasn’t been producing enough for the Century plant to be cost efficient.
This not a climate change article. It’s an investment/economics article about Occidental Petroleums outlook and market performance in its attempt to make Carbon Capture a very profitable business.
Here’s the thing: in almost all cases, it’s cheaper to not emit in the first place than to pay for carbon capture. So the economics of it actually matter quite a bit.
Yeah, this is the sneaker. Unless they’re powering carbon capture with green energy or perpetual motion (spoiler alert), they’re basically burning a whole lot more carbon to claw back a little already emitted carbon.