A trillion here, a trillion there and pretty soon you’re talking real money – or not? Where is this finance supposed to come from, and how is so-called ‘carbon’ capture supposed to be an investment opportunity? Try making an oil tanker without fossil fuels.
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Exxon made a bold announcement on April 19th, 2022 says the Carbon Herald.
The oil major estimates that the carbon capture and storage market would be valued at $4 trillion by 2050.
The figure comes to 60% of the $6.5 trillion market for the oil and gas sector the company predicts by mid-century.
Exxon’s energy transition strategy does not include renewable sources of energy like solar and wind so the company is relying on decarbonization technologies like carbon capture and storage.
It is also under increasing pressure from environmental groups and the public to reduce its emissions and as the US largest fossil fuel company – take responsibility for climate change mitigation efforts.
During an investor presentation back in 2021, Exxon announced it sees the carbon capture market as a $2 trillion opportunity. The CEO of ExxonMobil Darren Woods said back then that enhancements in the carbon capture and storage technology pose a unique opportunity for the company and that Exxon supports the goal of reaching net-zero emissions.
Now the company upgraded its projections which confirms its intentions to develop carbon capture and storage as a way of achieving its greenhouse gas reduction goals.
Some institutions are also recommending the technology as a pathway towards net zero, however, others claim it should not be used as a tool to delay phasing out fossil fuels.
Full article here.
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In that article: The figure comes to 60% of the $6.5 trillion market for the oil and gas sector the company predicts by mid-century.
Trillions of money for “look good” stuff to fight a danger that has never been proven, never been verified.
Nothing for studying natural causes of climate change, even though we know climate has always changed naturally with alternating warm and cold periods that exceeded current bounds of temperature, more often than not.
It is not just the alarmists who are spending nothing for studying natural causes of climate change, it is all the groups that claim to be pushing back on getting rid of fossil fuels. Even fossil fuel companies see that they will make more profits if they do the green stuff instead of trying to save their current livelihood.
Yet, Russia, China, India, and other countries are going to keep increasing their emissions for mining, manufacturing, transporting all the green goods and also just about everything else the Western Countries can no longer produce.
There is adequate history and data to actually understand natural causes of alternating warm and cold periods. It has already been studied and understood. What it does not have is financing to properly promote it, also, since natural causes of climate change cause self-correcting alternating warm and cold periods that are well bounded with thermostat controlled forcing, it is not frightening. The powerful groups want frightening information to tax and control using fear.
Alex Pope
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[…] Exxon Values Carbon Capture Market At $4 Trillion By 2050 […]
“60% of the $6.5 trillion market” seems to tally with the estimate of additional power generation required to power CCS, i.e. ~50% (which is why it’s never been considered commercially viable). Sounds like another scam to me.
Trillions at “current” value? Did they assume a constant inflation rate, with no catastrophic events before 2050? I’ll bet they did not account for a diminished and impoverished population to “finance” this plunder.
Carbon capture will simply suck value out of the global economy. In the same way that war does.
Only Western economies, Phil. Others aren’t so gullible. And JB above is quite correct: economies that suck value out of their economies by burying gas in the ground won’t have trillions.
At some point, Britain will lose enough prosperity that they can no longer afford the decadence of a Climate Change Committee. Only question is how much damage will be done first.
We have to continue to explain with our lips moving slowly that carbon dioxide is not a problem. It’s our duty.
Maybe Exxon is having a laugh with its trillions for carbon capture. Nature will be putting it back while we’re taking it out.
We are sheep, and we have to be sheared. No limits have been established.
“Valued”?
By whom? People will be forced to pay for the costs of doing it. That’s not a value. Once the Berlin Wall fell, the value of a Trabant was effectively zero but it still cost to make one. That’s the bit of economics Marx got totally wrong. Value is determined by the consumer, not by the supposed value of the labour involved.
And all those trillions are NOT being spent on other stuff. That’s how socialism makes us poorer – the state replaces what we value with what it values.
Here’s my assessment of the value to humanity of carbon capture:
Zero.
Opportunity cost: massive.
Based on current thinking – like Tulip prices are bound to rise, South Sea Co. shares will keep going up (1720), the Share Market has reached a stable plateau (1929), Peace in our time (1938) etc. etc.