Setting the record straight on the day’s top anti-oil and gas media stories
ACTIVIST CLAIM: Activist journalist from the Tyee makes argument that carbon technology now won’t be better in the future and suggests the only way to reduce emissions is to shrink economies.
THE FACTS: Activists show their hand, even if oil and gas becomes zero emissions with new carbon tech, for them it’s about free markets and a step backward for everyday people and their standard of living
Here are some facts and sources to have a reasoned conversation about carbon tech:
- 200 million tonnes of CO2 have so far been permanently captured and stored using carbon tech.
- A recent report from global consulting firm Wood Mackenzie shows Canada is leading in carbon tech as well. If all proposed projects came online, they could reduce up to 115 million tonnes of CO2, or 60% of Canada’s 2030 goal of 200 million tonnes reduced.
- The International Energy Agency even acknowledges that if oil and gas are produced with circular economy technology it can be net-zero or even carbon negative.
- Direct air capture projects are expected to capture 10 million tonnes of CO2 per year by 2030 and the technology will continue to evolve.
- The International Energy Agency estimates that blue hydrogen made from natural gas with carbon capture costs about half that of hydrogen produced from renewable energy.
- Just like renewables, carbon tech is an emerging market that will help reduce emissions across the entire energy system. This is expected to become a trillion-dollar global market that activists will ignore as an opportunity for Canada.
Stories that get it right
Though not a silver bullet, direct air capture is an environmental insurance policy we can’t ignore.
Carbon Engineering Ltd., a Canadian rival, is developing a 1 million tons a year plant in the U.S. Permian basin in partnership with Occidental Petroleum Corp., and another in northeast Scotland in conjunction with British firm Storegga. Storegga has attracted investment from M&G Plc, Macquarie Group Ltd., GIC (Singapore’s sovereign wealth fund) and Mitsui & Co. Ltd. Emission reduction is a big challenge and no technology is a silver bullet, but it can’t harm putting more in our armory.