An international conference on renewable energy, hosted by the University of Nigeria, Nsukka (UNN), in collaboration with the National Agency for Science and Engineering Infrastructure (NASENI), has highlighted the low investment in renewable energy across Africa.
Arina Anisie, an international analyst on renewable energy innovation for developing countries at the International Renewable Energy Agency (IRENA) in the United Arab Emirates, revealed these findings during a virtual Lead Paper presentation in Nsukka yesterday. The conference was organized by the Sustainable, Clean, and Emerging Energy Technologies Group (SCEET-G) UNN under the theme “Clean Energy Systems for Sustainable Power and Environment.” Read More
A new study published in Science reveals that climate change is dramatically altering global rainfall patterns and intensifying tropical storms. This research comes in the wake of Typhoon Gaemi, the year’s most powerful storm, which recently battered Taiwan, the Philippines, and China.
Led by Zhang Wenxia at the China Academy of Sciences, researchers found that 75% of the world’s land area has experienced increased “precipitation variability” – wider swings between wet and dry weather. Warming temperatures are enhancing the atmosphere’s moisture-holding capacity, leading to more intense weather events.
“This is going to increase as global warming continues, enhancing the chances of droughts and floods,” Steven Sherwood, a climate scientist at the University of New South Wales, told Reuters. The study suggests that while tropical storms may become less frequent, they are likely to grow more powerful.
Typhoon Gaemi exemplified this trend, making landfall in Taiwan as the strongest storm in eight years. With wind speeds reaching 227 kph (141 mph), it caused widespread closures and evacuations across the region.
Climate models predict that global warming will strengthen typhoons. “Warmer sea surface temperatures favour tropical cyclone development,” notes Sachie Kanada from Nagoya University.
Recent reports from China and Taiwan support these findings. China’s climate report shows fewer typhoons but increased intensity since the 1990s. Taiwan’s report also indicates fewer but more intense storms.
Feng Xiangbo, a researcher at the University of Reading, states that for each 1 degree Celsius increase in temperature, water vapour capacity in the lower atmosphere rises by 7%. This underscores the urgency of addressing climate change to mitigate its impact on storm intensity and rainfall patterns.
In India, a breach in the Munak Canal caused knee-deep waterlogging, highlighting the growing challenges of managing water resources and protecting communities from extreme weather.
The findings emphasize the urgent need for action to combat climate change and protect communities from its increasingly severe impacts. Read More
In India, economic reforms have significantly impacted business education, making it more industry-focused as programs adapt to better prepare students for the job market. B-Schools have mandated internships to ensure students gain real-world experience, aligning education with the shifting demands of businesses.
The rise of new industries like analytics, e-commerce, and information technology has necessitated curriculum modifications, leading to the introduction of new-age specializations such as Business Analytics to meet the increased demand for data-driven decision-making. Read More
As the global community intensifies its efforts to combat climate change, carbon capture technologies have emerged as a critical component in reducing greenhouse gas emissions. With worldwide emissions continuing to rise, the economic and business dimensions of carbon capture are gaining increasing significance.
According to the International Energy Agency (IEA), the global capacity of carbon capture, utilization, and storage (CCUS) facilities increased by 33% in 2021 alone. Valued at approximately USD 2 billion in 2020, the market is projected to grow to USD 7 billion by 2027, expanding at a compound annual growth rate (CAGR) of 19.5%.
With this article, let us deep dive into the market size and growth potential, business models, investment trends, and socio-economic impacts of carbon capture, enriched with relevant facts and data.
The market for carbon capture is rapidly expanding, driven by the urgent need to mitigate climate change. Global commitments to achieve net-zero emissions by mid-century necessitate the widespread adoption of carbon capture technologies. Technological advancements, such as more efficient solvents and membranes, are reducing costs and enhancing efficiency, making CCUS more viable. Supportive policies and incentives, like the U.S. 45Q tax credit, are further promoting investment in CCUS projects. The IEA projects that to meet international climate targets, the global CCUS capacity needs to increase to around 5.6 gigatonnes of CO2 annually by 2050.
Let us further understand the growth potential with the help of Norway’s Longship Project case study. Norway’s Longship project, launched in 2020, exemplifies the significant growth potential of the CCUS market. With a government investment of USD 2.7 billion, Longship aims to capture and store up to 1.5 million tonnes of CO2 annually from industrial sources in Norway and Europe by 2024. This large-scale project underscores the substantial market opportunities and the role of government support in advancing CCUS technologies.
Business Models in Carbon Capture
With the evolution of the concept of carbon capture and its usage worldwide, multiple business models are emerging, each tailored to different aspects of the value chain. Some of these business models are:
a. Capture as a Service (CaaS) is an innovative model in which companies offer carbon capture services to industries, charging fees based on the amount of CO2 captured. This model is particularly attractive for industries that lack the expertise or capital to implement CCUS independently.
b. Integrated CCUS Operations: This model involves companies managing the entire CCUS process, from capture to storage or utilization. It benefits from economies of scale and offers comprehensive solutions to clients.
c. TheCarbon Credits and Tradingmodel: in this model, the firms capture CO2 and sell carbon credits in voluntary or compliance markets. This approach capitalizes on the growing demand for carbon credits as companies strive to meet emissions targets.
d. Utilization-Based Models: such models focus on using captured CO2 to create value-added products such as synthetic fuels, chemicals, or building materials. This approach not only reduces emissions but also generates additional revenue streams.
Here, I would like to explain the business model usage with the help of a case study of the Carbon Clean SolutionsCompany. Carbon Clean Solutions is a UK-based company that exemplifies the CaaS model by partnering with industrial clients to provide end-to-end carbon capture solutions, including installation, operation, and maintenance. Their modular technology significantly reduces capture costs, making it accessible to a broader range of industries.
Investment Trends and Opportunities
After having an understanding of the market trends and the various business models, it is necessary to understand the level of investments made in the area of carbon capture technology with an overall understanding of the kind of opportunities that such investments lead to for companies worldwide. It is well-known that the investment in carbon capture technologies is surging, driven by the urgent need for scalable solutions to address climate change. In 2021, global investments in CCUS reached USD 3 billion, with substantial funding from both public and private sectors. Some of the key investments trends followed globally are as follows:
Venture Capital and Private Equity: There is increasing interest from venture capital and private equity firms in innovative carbon capture startups. For instance, Climeworks, a Swiss direct air capture company, raised USD 100 million in 2020 to scale up its operations.
Government Funding: Governments are providing substantial funding through grants, loans, and tax incentives to accelerate the deployment of CCUS technologies. The U.S. Department of Energy announced USD 2.5 billion in funding for CCUS projects over the next decade.
Corporate Investments: Major corporations, particularly in the energy and industrial sectors, are investing in CCUS projects to meet their sustainability goals. ExxonMobil has committed USD 3 billion through 2025 to develop lower-emission energy solutions, with a significant portion allocated to CCUS projects.
Maintaining the line of the investment trends , let us understand what ExxonMobil did for investmensts in the carbon capture technology. ExxonMobil’s commitment to lower-emission energy solutions includes plans to invest USD 3 billion through 2025, with a significant portion allocated to CCUS projects. The LaBarge facility in Wyoming, which captures approximately 7 million tonnes of CO2 annually, exemplifies the scale of corporate investment in carbon capture.
With a huge investment opportuinities in the carbon capture technology, there grew an immense job creation market, that contributes immensely to the socio-economic development of a region leading to the growth worldwide. The deployment of carbon capture technologies offers significant socio-economic benefits, including job creation and regional economic development. The Global CCS Institute estimates that CCUS could create over 100,000 jobs globally by 2050. Some of the vital areas for job creartion are:
Construction and Engineering: Building and maintaining CCUS facilities require skilled workers in construction, engineering, and project management.
Operations and Maintenance: Long-term operation and maintenance of CCUS plants create sustained employment opportunities.
Research and Development: Advancements in carbon capture technology drive demand for scientists, engineers, and researchers.
These areas of job creation had an immense scope for socio-economic development that helped the CCUS projects to often stimulate economic activity in the regions where facilities are located, contributing to local development and infrastructure improvements. For example, the Northern Lights project in Norway is expected to create over 1,500 jobs during its construction phase.
Another aspect was industraial competitiveness wherein just by reducing emissions, CCUS helped industries comply with regulations and avoid carbon taxes, enhancing their global competitiveness.
Finally, it led to multiple environmental Benefits by significantly reduceing the greenhouse gas (GHG) emissions, contributing to environmental sustainability.
I have an important project as a case study to mention, the one of the Petra Nova Projectin Texas. The Petra Nova project in Texas, the world’s largest post-combustion carbon capture facility, captures 1.4 million tonnes of CO2 annually from a coal-fired power plant. The project has created hundreds of jobs in construction, operations, and maintenance, demonstrating the socio-economic benefits of large-scale CCUS initiatives.
Thus all the above discussions clearly explains that the economic and business dimensions of carbon capture present vast and promising opportunities. As the market continues to grow, diverse business models emerge, investments surge, and the socio-economic benefits become increasingly apparent. By understanding these dimensions and leveraging insights from case studies, stakeholders can navigate the evolving carbon capture landscape with greater confidence and clarity.
The integration of carbon capture technologies is not just a theoretical possibility but a tangible reality, driving us closer to a sustainable and low-carbon future. The question remains: can we harness the full potential of these technologies to meet our climate goals? The answer lies in our collective commitment and innovative spirit, ensuring that carbon capture becomes a cornerstone of global efforts to combat climate change.
A new study finds that air pollution breathed in during childhood is a significant factor in adult lung health.
The study’s origins date back to 1992, when researchers began investigating the effects of air pollution on groups of children in California. Some of these children are now in their 40s. Dr. Erika Garcia and colleagues from the University of Southern California decided to follow up on their health. More than 1,300 individuals responded to detailed questionnaires about their income, lifestyle (including smoking), homes, and health. This data was then matched against their childhood health records and the local air pollution levels during their upbringing.
The study’s first finding revealed that individuals with higher childhood exposure to particle pollution and nitrogen dioxide were more likely to exhibit bronchitic symptoms as adults. This relationship was powerful for those who had developed asthma and lung problems as children, indicating a lasting vulnerability into adulthood.
The second unexpected finding was that a relationship existed between childhood air pollution and adult bronchitic symptoms, even for those who did not have lung problems as children. This suggests that early exposure to polluted air has long-term health implications, regardless of childhood respiratory health. Read More
New data shared exclusively with the Guardian reveals that a surge in new oil and gas exploration in 2024 threatens to unleash nearly 12 billion tonnes of planet-heating emissions, with the world’s wealthiest countries—such as the US and the UK—leading the charge despite their climate commitments.
The new oil and gas field licenses projected to be awarded globally this year are set to generate the highest level of emissions since 2018, even as heatwaves, wildfires, drought, and floods cause widespread death and destruction. Analysis by the International Institute for Sustainable Development (IISD) indicates that the emissions from these upcoming and current oil and gas fields will total 11.9 billion tonnes of greenhouse gases over their lifetimes, equivalent to China’s annual carbon pollution. This figure surpasses the combined emissions from licenses awarded over the past four years.
In addition, fossil fuel companies have been investing more in developing new oil and gas sites than at any time since the 2015 Paris Climate Agreement, where global governments pledged to reduce emissions and curb global heating. Despite being economically best placed to lead the transition to cleaner energy, wealthy nations with low economic dependence on fossil fuels are spearheading this latest expansion. In 2023 alone, these countries issued 825 new licenses, the highest number on record.
The paradox of wealthy nations driving fossil fuel expansion while committing to climate goals highlights a significant challenge in the global fight against climate change. Read More
Climate activists have disrupted flights at Frankfurt and Oslo airports on the second day of coordinated “oil kills” protests across Europe and North America.
Demanding an end to fossil fuels by 2030, supporters of Letzte Generation (Last Generation) briefly suspended flights at Frankfurt airport on Thursday morning. The activists cut a wire fence, entered on bicycles and skateboards, and glued themselves to the tarmac.
In Oslo, protesters from Folk Mot Fossilmakta and Scientist Rebellion Norway caused large queues by blocking a check-in lane with a banner that read: “Fast track to phase out.”
“I would rather not be here today, but I can no longer stand and watch as our elected officials do too little, too slowly,” said Ina Nagler, a climate researcher who took part in the Oslo protest. “The science is clear: We must drastically reduce the use of fossil fuels during this decade.”
The protests, which aim to pressure governments to accelerate the transition to a clean economy, have disrupted airports at the start of the busy summer season. On Wednesday morning, activists disrupted travel plans at airports from Helsinki to Barcelona. Further airport protests are expected in the US and Canada on Thursday.
Authorities have criticized the protests. The campaign group Oil Kills reported that police had arrested 37 of the 91 activists involved, with 14 still in custody. Read More
A wildfire that had threatened the Alberta mountainside townsite of Jasper for days finally reached the town from the south in the evening. Mayor Richard Ireland, speaking with CBC News, described the situation as the community’s worst nightmare, noting the destruction of multiple buildings, including the Maligne Lodge and the grounds of the Fairmont Jasper Park Lodge.
“This is simply our community’s worst nightmare,” Ireland stated.
Ireland emphasized the significance of the town’s residents’ safety: “People are the heartbeat of every community. The people have been saved, and that is significant. We can find a way to rebuild. We can find each other to hug again because we all got out.” Read More
Human civilisation must stop growing and, in fact, enter a long, sustained and protracted contraction. Very few humans have realised the existential urgency of this, and only a fraction of those are brave enough to talk about this publicly. Because when they do, they face the Big Silence of the necro capitalist censoring machine
Global temperatures between July 2023 and June 2024 have set alarming new records, with Earth experiencing a sustained period where temperatures were, on average, 1.64°C higher than preindustrial levels. This unprecedented heat, although not a definitive sign of failing climate targets, has heightened the frequency of extreme weather events, escalating concerns over potential tipping points in the climate system.
Carlo Buontempo, director of the Copernicus Climate Change Service, stressed that these findings underscore a substantial and ongoing climate shift. Urgent action to reduce greenhouse gas emissions is crucial to mitigate further warming impacts and safeguard global ecosystems and communities. Read More
