Innovations in carbon capture technology continue to gather momentum, promising to play a pivotal role in combating climate change. With various approaches being explored, companies worldwide are launching new methods aimed at reducing the carbon footprint associated with industrial processes and energy production.
One standout example is Captura, a U.S. startup making waves with its ocean carbon capture technology. The company operates floating factories at sea, extracting carbon dioxide from seawater—a resource as abundant as it is underutilized. Utilizing electrodialysis, these innovative facilities convert seawater, creating carbonated water enriched with CO2, which is then filtered to capture the gas. Unlike traditional direct air capture (DAC), which draws CO2 from the atmosphere, Captura’s method recognizes the ocean as the world’s largest carbon sink, thereby tapping directly from this vast resource.
Captura’s approach is not just about extraction; it’s also about affordability. The company is aiming to drive down the costs associated with carbon capture, targeting $100 per ton—an ambitious goal considering current estimates suggest expenses often linger between $500 and $1,000 per ton. Their large-scale pilot project planned for Hawaii is set to capture 1,000 tons of CO2 annually by 2025, benefiting industries like beverage manufacturing and aquaculture.
Meanwhile, AXA Switzerland is taking significant steps to address its carbon footprint through innovative partnerships aimed at carbon dioxide removal (CDR). Teaming up with companies like Neustark and Brazil’s-based carbon removal firm, Axlplanet, AXA aims to support the ambitious removal of nearly 3,750 tons of CO2 by 2030. By investing in these solutions, AXA contributes both to net zero goals and the enhancement of industrial emission-reducing technologies.
Neustark brings its own unique methodology to the table, focusing on permanent carbon removal by capturing CO2 from biogas plants and incorporating it back as raw material for demolition concrete. This novel strategy not only sequesters carbon but also reinvents one of the world's largest waste streams—construction debris—as a significant source of carbon storage. Daniela Fischer, Chief Sustainability Officer at AXA Switzerland, emphasized the dual benefit of these partnerships, stating, "By supporting these projects, we are making a contribution to net zero and at the same time promoting future-oriented technologies and Switzerland as a location for innovation."
On the technological frontier, innovations like Capture6’s direct air capture (DAC) technology present another layer to the carbon capture narrative. This California-based company has entered a joint development agreement with Pilot Energy to integrate DAC with Pilot’s Western Australian carbon sequestration project. Dubbed Project Wallaby, this initiative seeks to demonstrate how DAC can effectively produce clean water and renewable hydrogen by simultaneously sequestering carbon.
Through this partnership, the two companies aim to capture large amounts of atmospheric carbon dioxide and minimize emissions from point source locations. The project will be rolled out over several stages, with aspirations to manage significant water resources generated during carbon storage operations, eventually targeting nearly 80,000 tons of DAC atmospheric carbon removal per year.
But what stands out across all these initiatives is the consistent pursuit of making carbon capture economically viable. The path to achieving the elusive $100 per ton of CO2 has become the focal point for many, initially posited as the threshold for direct air capture technologies to transition from experimental to mainstream. The $100 benchmark arose from earlier forecasts and has prompted both optimism and skepticism within the carbon capture community.
While some companies, like Holocene, recently demonstrated sales at this price point, industry leaders like Climeworks caution against viewing $100 as fully attainable without significant technological breakthroughs. The global quest for capturing CO2 remains laden with challenges, but with advancements like those from Captura and AXA's partnerships, the horizon is brightening.
'Achieving the target will demand sustained investments, innovation, and, perhaps most critically, time,' says Phil De Luna, who is engaged with projects evaluating the true cost of carbon removal. He advocates for the use of social cost metrics rather than merely the financial expense of technologies. By encompassing broader economic repercussions caused by emissions—disasters, health issues, and agricultural impacts—defining DAC's worth through social costs could provide more meaningful insights on its value.
The International Energy Agency (IEA) currently estimates the global imperative for carbon removal could reach upwards of 980 million tons by 2050 to limit global warming effectively. With the recognition of oceans as potential carbon sinks and significant technological strides being made, the will to explore uncharted avenues of CA technology grows stronger. Collaboration is becoming increasingly pivotal, not just among corporations but across nations and industries, to forge wider pathways toward carbon neutrality.
From startups like Captura to established corporations like AXA and innovative joint ventures like Capture6 and Pilot Energy, the commitment to advancing carbon capture technologies manifests remarkable potential. These initiatives underline how interrelated efforts from various sectors can collectively tackle greenhouse gas emissions. The ultimate goal is clear: establish sustainable methods for carbon removal, meet pressing climate objectives, and safeguard the planet for future generations.
While challenges remain, the convergence of innovative approaches—fueled by ambition, necessity, and the undeniable reality of climate change—demonstrates human ingenuity at its finest. The battle against climate change is intensifying; with each new technology and partnership, the hope of achieving significant carbon dioxide removal and ambitious targets draws closer.
