Gregory Slater <ten...@gmail.com>: Aug 22 01:21PM -0700
All,
Maybe I am just bad at searching the site, but I haven't found much
discussion of the recently announced sale of David Keith's 'Carbon
Engineering' to Occidental Petroleum for ~$1.1 billion. This announcement
came only days after Biden announced hi intent to ask for ~$1.2 billion in
aid for two CDR demo plants in Texas and Louisiana. I suppose I should be
just grateful as hell that you can sell a pocket CDR test facility for a
billion dollars, but I don't trust Occidental's motives in doing this. If
selling a CDR company to big oil at this stage doesn't involve the specter
of 'moral hazard', then there's no such thing as a moral hazard (which is
constantly laid on SAI). Occidental is incentivized to put as much CO2 in
the atmosphere as possible so they can make even more money pulling it all
out. Gore even had a shocking quote from the Occidental CEO in his recent
TED talk (who knows if it was a deepfake).
Did I miss the lively debate over this sale? Send me a link please.
Thank you,
Greg Slater
|
Seth Miller <setha...@gmail.com>: Aug 22 03:33PM -0600
Greg, you didn’t miss anything.
I think the lessons here are that:
Oxy is 100% serious about going bit into DAC, using government funded carbon credits in order to extend their existing oil business
This makes everyone in the CDR community so uncomfortable that they aren’t celebrating this out loud
Peter Eisenberger wrestled with the uncomfortable part in another thread, which everyone should totally read, but I’ll quote below with formatting cleaned up slightly:
One cannot ask or get the developing world to stop using fossil fuels or make their energy costs higher while their people do not have their basic needs met
Even as shown in europe for the developed world stopping to use fossil fuels is not feasible
That any industrial revolution has a long transition period - parts of the world are still using wood
The energy industry is the only industry that has the experience and capability to make the transition in the time needed
Acknowledging the above rather than arguing for stopping fossil fuel now and villainizing the energy industry is needed to reach a global accord and coordination needed to make the transition away from fossil fuels and a natural resource based economy to a Renewable Energy and Materials Economy happen as quickly as possible
Oxy’s decision to pay $1.1 billion for a company with no revenue, and whose technology is still several years away from generating revenue, is bold. It would be unthinkably risky if it did not also offer some hope of extending Oxy's existing oil business. Oxy generates about $20B in profits each year, so even if there is a small chance this purchase of forestalling regulation or obsolescence, they should make the bet.
If nothing else, Oxy seems to be able to think rationally. Oxy has said they are planning to build 100 metago/yr-ish scale DAC facilities globally by 2035. I think the smart money right now is that they intend to follow through. This is obviously contingent on global markets for carbon credits, and Oxy can decide to reverse its investments later. But also, their ambitions are entirely achievable. See Peter’s (4) above in particular.
Is 100 megaton-scale DAC plants bad? I think that yes, the US’s climate credit policy gives some payout to people who don’t give a damn about climate. I also can’t think of an incentive plan that doesn’t have some perverse side effects, and yet we still incentivize and invest. It is very early in 2023 to be saying that we know that this particular set of incentives are bad, or good. Climate is a long game. It seems wrong to judge an investment by its outcome today.
Oxy, being the cold-blooded, rational capitalists they are, is making a bet that might not pay out, but will pay off well if it does. Maybe that last bit is the lesson here. Yes, there is risk to the climate movement that the bet in DAC will go totally sideways. But we are in a crisis. Our future livelihood is threatened. In that context, isn’t it worth taking risk?
I think ambivalence and caution are justified, but it’s worthwhile to put out an audible “yay!” here.
Seth
-------
Seth Miller, Ph.D.
www.linkedin.com/in/sethmiller2
Check my blog at: perspicacity.xyz
|
Peter Flynn <pcf...@ualberta.ca>: Aug 22 03:51PM -0600
The statement “this makes everyone in the CDR community so uncomfortable
that they aren’t celebrating…” is an overstatement.
Fossil fuels have conveyed staggering benefits to humanity, with late
recognition of a serious and terrible consequence not due to the use of
energy but rather to the end byproduct of that energy. If the byproduct
were to be fully dealt with, then at least one member of the CDR community,
me, is comfortable with ongoing use. I can envision a future in which
legacy emissions are captured and paid for by DAC primarily funded by those
societies that historically created the emissions, and in which ongoing
emissions are captured and paid for by DAC paid for by the user of the
fuel. If a fossil fuel is economic in the future with full offset….ok by
me. There is much suspicion of all energy producers, warranted in my
opinion way more for some than others. We are moving to sufficiently
accurate measurement and verification to know whether incremental emissions
are truly offset. I think our future is better assured if we focus on
results and not villains.
Peter
Peter Flynn, P. Eng., Ph. D.
Emeritus Professor and Poole Chair in Management for Engineers
Department of Mechanical Engineering
University of Alberta
Edmonton, Alberta, Canada
1 928 451 4455
peter...@ualberta.ca
*From:* carbondiox...@googlegroups.com <
carbondiox...@googlegroups.com> *On Behalf Of *Seth Miller
*Sent:* Tuesday, August 22, 2023 3:33 PM
*To:* Gregory Slater <ten...@gmail.com>
*Cc:* Carbon Dioxide Removal <CarbonDiox...@googlegroups.com>
*Subject:* Re: [CDR] Carbon Engineering and 'the moral hazard'
Greg, you didn’t miss anything.
I think the lessons here are that:
1. Oxy is 100% serious about going bit into DAC, using government funded
carbon credits in order to extend their existing oil business
2. This makes everyone in the CDR community so uncomfortable that they
aren’t celebrating this out loud
Peter Eisenberger wrestled with the uncomfortable part in another thread,
which everyone should totally read, but I’ll quote below with formatting
cleaned up slightly:
1. One cannot ask or get the developing world to stop using fossil fuels
or make their energy costs higher while their people do not have their
basic needs met
2. Even as shown in europe for the developed world stopping to use
fossil fuels is not feasible
3. That any industrial revolution has a long transition period - parts
of the world are still using wood
4. The energy industry is the only industry that has the experience and
capability to make the transition in the time needed
5. Acknowledging the above rather than arguing for stopping fossil fuel
now and villainizing the energy industry is needed to reach a global accord
and coordination needed to make the transition away from fossil fuels and a
natural resource based economy to a Renewable Energy and Materials Economy
happen as quickly as possible
Oxy’s decision to pay $1.1 billion for a company with no revenue, and whose
technology is still several years away from generating revenue, is bold. It
would be unthinkably risky if it did not also offer some hope of extending
Oxy's existing oil business. Oxy generates about $20B in profits each year,
so even if there is a small chance this purchase of forestalling regulation
or obsolescence, they should make the bet.
If nothing else, Oxy seems to be able to think rationally. Oxy has said
they are planning to build 100 metago/yr-ish scale DAC facilities globally
by 2035. I think the smart money right now is that they intend to follow
through. This is obviously contingent on global markets for carbon credits,
and Oxy can decide to reverse its investments later. But also, their
ambitions are entirely achievable. See Peter’s (4) above in particular.
Is 100 megaton-scale DAC plants bad? I think that yes, the US’s climate
credit policy gives some payout to people who don’t give a damn about
climate. I also can’t think of an incentive plan that doesn’t have some
perverse side effects, and yet we still incentivize and invest. It is very
early in 2023 to be saying that we know that this particular set of
incentives are bad, or good. Climate is a long game. It seems wrong to
judge an investment by its outcome today.
Oxy, being the cold-blooded, rational capitalists they are, is making a bet
that might not pay out, but will pay off well if it does. Maybe that last
bit is the lesson here. Yes, there is risk to the climate movement that the
bet in DAC will go totally sideways. But we are in a crisis. Our future
livelihood is threatened. In that context, isn’t it worth taking risk?
I think ambivalence and caution are justified, but it’s worthwhile to put
out an audible “yay!” here.
Seth
-------
Seth Miller, Ph.D.
www.linkedin.com/in/sethmiller2
Check my blog at: perspicacity.xyz
On Aug 22, 2023, at 2:21 PM, Gregory Slater <ten...@gmail.com> wrote:
All,
Maybe I am just bad at searching the site, but I haven't found much
discussion of the recently announced sale of David Keith's 'Carbon
Engineering' to Occidental Petroleum for ~$1.1 billion. This announcement
came only days after Biden announced hi intent to ask for ~$1.2 billion in
aid for two CDR demo plants in Texas and Louisiana. I suppose I should be
just grateful as hell that you can sell a pocket CDR test facility for a
billion dollars, but I don't trust Occidental's motives in doing this. If
selling a CDR company to big oil at this stage doesn't involve the specter
of 'moral hazard', then there's no such thing as a moral hazard (which is
constantly laid on SAI). Occidental is incentivized to put as much CO2 in
the atmosphere as possible so they can make even more money pulling it all
out. Gore even had a shocking quote from the Occidental CEO in his recent
TED talk (who knows if it was a deepfake).
Did I miss the lively debate over this sale? Send me a link please.
Thank you,
Greg Slater
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Seth Miller <setha...@gmail.com>: Aug 22 04:02PM -0600
> The statement “this makes everyone in the CDR community so uncomfortable that they aren’t celebrating…” is an overstatement.
This is fair!
I know that for me personally, I will piss off a lot of friends by cheering for Oxy and CE and the amoral wheels of capitalism. Still, this should be something of a watershed moment? I noticed the same silence that Greg did, and I think he’s right to poke the list to see how everyone is processing this.
-------
Seth Miller, Ph.D.
www.linkedin.com/in/sethmiller2
Check my blog at: perspicacity.xyz
|
Anton Alferness <an...@paradigmclimate.com>: Aug 22 04:01PM -0700
I think the majority of people are not celebrating due to the yuck factor.
Math and reality aside.
|
Dan Miller <d...@rodagroup.com>: Aug 22 07:28PM -0400
A few points:
1. I disagree that we need FF for a long time. We can ban ICE cars in 2030, FF electricity in 2035 and almost all FF energy in 2040. Any small amount of FF after that (and before!) would need to be offset with permanent CDR. Note that this phase out of FF will save society trillions of dollars because FF is the most expensive form of energy — by far — when all costs are included, and still more expensive even when climate damage is excluded. As we are learning today, the “external costs” of FF are real and must be paid in Maui and around the world. If you want to help the developing world, then give them renewable energy. FF are a curse for both environmental and financial reasons in the developing world, draining their resources to pay for a constant supply of FF.
2. This whole notion of a moral hazard for CDR assumes there will be no serious action on climate and we will ask FF companies to “pretty please” reduce the amount of product they supply. If we continue to choose to fail then we will, well, fail. But if we choose to take serious action, then it will not be up to FF companies to continue to produce deadly products by greenwashing with CDR. Perhaps, instead, they will turn into real CDR companies because they know for sure that they must ramp down production of FF.
3. I’m concerned that we — climate activists — continue to nibble around the edges of a plan that is doomed to fail. We need to face the fact that the world is taking essentially no serious climate action and try to change that. Subsidizing renewables is great but it does not stop climate change. Phasing out FF helps but there is very little discussion about even thinking about doing that! CDR and SRM are required to prevent >2ºC and other catastrophic tipping points, including a near-term AMOC shutdown, yet we are dilly dallying about those things. The fact that Biden can approve the Willow project and talk about providing shade and water to outdoor workers rather than than actually addressing climate change means there is no leadership on climate. António Guterres is great but no one listens to him. Instead, the head of the UAE oil company is running the upcoming COP! I think if the public understood that there is no one at the wheel, they might demand some level of
real action. As climate damage increases, that day will eventually come, but we need to figure out how to accelerate the call for real climate action.
Dan
> The statement “this makes everyone in the CDR community so uncomfortable that they aren’t celebrating…” is an overstatement.
This is fair!
I know that for me personally, I will piss off a lot of friends by cheering for Oxy and CE and the amoral wheels of capitalism. Still, this should be something of a watershed moment? I noticed the same silence that Greg did, and I think he’s right to poke the list to see how everyone is processing this.
-------
Seth Miller, Ph.D.
www.linkedin.com/in/sethmiller2
Check my blog at: perspicacity.xyz
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|
Greg Rau <gh...@sbcglobal.net>: Aug 23 06:48AM
Just to be clear on Oxy motives:https://www.eenews.net/articles/oil-companies-want-to-remove-carbon-from-the-air-using-taxpayer-dollars/
“ Occidental Petroleum Corp. leader Vicki Hollub has described DAC not as a climate solution but a way to continue producing petroleum.“We believe that our direct capture technology is going to be the technology that helps to preserve our industry over time,” she said at an oil and gas conference earlier this year. “This gives our industry a license to continue to operate for the 60, 70, 80 years that I think it’s going to be very much needed.”
-as I posted on July 17, with lots of followup comments from others. You can sugarcoat this, but the deal is we here in the US can have DAC (and have it hugely subsidized by the US taxpayer) if we agree to prolong FF. All other CDR (that might be cheaper, faster, better, higher capacity in net consuming air CO2, but doesn't serve the FF industry) can find their own partons and votes in Congress. The interesting exception to this is Climeworks, but even they couldn't resist the US DAC feeding trough: https://climeworks.com/news/u.s.-doe-selects-all-three-dac-hub-proposals-climeworks-participates-in
It's again time for my annual posting of this little observation from the distant past:
“It ought to be remembered that there is nothing more difficult to take in hand, more perilous to conduct, or more uncertain in its success, than to take the lead in the introduction of a new order of things. Because the innovator has for enemies all those who have done well under the old conditions, and lukewarm defenders in those who may do well under the new. This coolness arises partly from fear of the opponents, who have the laws on their side, and partly from the incredulity of men, who do not readily believe in new things until they have had a long experience of them.” ― Niccolò Machiavelli, 1513, The Prince
So, we and the planet are in for a "long experience" with excess CO2 before anything really changes?
Greg
On Tuesday, August 22, 2023, 04:29:24 PM PDT, Dan Miller <d...@rodagroup.com> wrote:
A few points:
1. I disagree that we need FF for a long time. We can ban ICE cars in 2030, FF electricity in 2035 and almost all FF energy in 2040. Any small amount of FF after that (and before!) would need to be offset with permanent CDR. Note that this phase out of FF will save society trillions of dollars because FF is the most expensive form of energy — by far — when all costs are included, and still more expensive even when climate damage is excluded. As we are learning today, the “external costs” of FF are real and must be paid in Maui and around the world. If you want to help the developing world, then give them renewable energy. FF are a curse for both environmental and financial reasons in the developing world, draining their resources to pay for a constant supply of FF.
2. This whole notion of a moral hazard for CDR assumes there will be no serious action on climate and we will ask FF companies to “pretty please” reduce the amount of product they supply. If we continue to choose to fail then we will, well, fail. But if we choose to take serious action, then it will not be up to FF companies to continue to produce deadly products by greenwashing with CDR. Perhaps, instead, they will turn into real CDR companies because they know for sure that they must ramp down production of FF.
3. I’m concerned that we — climate activists — continue to nibble around the edges of a plan that is doomed to fail. We need to face the fact that the world is taking essentially no serious climate action and try to change that. Subsidizing renewables is great but it does not stop climate change. Phasing out FF helps but there is very little discussion about even thinking about doing that! CDR and SRM are required to prevent >2ºC and other catastrophic tipping points, including a near-term AMOC shutdown, yet we are dilly dallying about those things. The fact that Biden can approve the Willow project and talk about providing shade and water to outdoor workers rather than than actually addressing climate change means there is no leadership on climate. António Guterres is great but no one listens to him. Instead, the head of the UAE oil company is running the upcoming COP! I think if the public understood that there is no one at the wheel, they might demand some
level of real action. As climate damage increases, that day will eventually come, but we need to figure out how to accelerate the call for real climate action.
Dan
On Aug 22, 2023, at 6:02 PM, Seth Miller <setha...@gmail.com> wrote:
The statement “this makes everyone in the CDR community so uncomfortable that they aren’t celebrating…” is an overstatement.
This is fair!
I know that for me personally, I will piss off a lot of friends by cheering for Oxy and CE and the amoral wheels of capitalism. Still, this should be something of a watershed moment? I noticed the same silence that Greg did, and I think he’s right to poke the list to see how everyone is processing this.
-------
Seth Miller, Ph.D.www.linkedin.com/in/sethmiller2Check my blog at: perspicacity.xyz
On Aug 22, 2023, at 3:51 PM, Peter Flynn <pcf...@ualberta.ca> wrote:
The statement “this makes everyone in the CDR community so uncomfortable that they aren’t celebrating…” is an overstatement.
Fossil fuels have conveyed staggering benefits to humanity, with late recognition of a serious and terrible consequence not due to the use of energy but rather to the end byproduct of that energy. If the byproduct were to be fully dealt with, then at least one member of the CDR community, me, is comfortable with ongoing use. I can envision a future in which legacy emissions are captured and paid for by DAC primarily funded by those societies that historically created the emissions, and in which ongoing emissions are captured and paid for by DAC paid for by the user of the fuel. If a fossil fuel is economic in the future with full offset….ok by me. There is much suspicion of all energy producers, warranted in my opinion way more for some than others. We are moving to sufficiently accurate measurement and verification to know whether incremental emissions are truly offset. I think our future is better assured if we focus on results and not villains.
Peter
Peter Flynn, P. Eng., Ph. D.Emeritus Professor and Poole Chair in Management for EngineersDepartment of Mechanical EngineeringUniversity of AlbertaEdmonton, Alberta, Canada1 928 451 4455pet...@ualberta.ca
From: carbondiox...@googlegroups.com <carbondiox...@googlegroups.com> On Behalf Of Seth Miller
Sent: Tuesday, August 22, 2023 3:33 PM
To: Gregory Slater <ten...@gmail.com>
Cc: Carbon Dioxide Removal <CarbonDiox...@googlegroups.com>
Subject: Re: [CDR] Carbon Engineering and 'the moral hazard'
Greg, you didn’t miss anything.
I think the lessons here are that:
- Oxy is 100% serious about going bit into DAC, using government funded carbon credits in order to extend their existing oil business
- This makes everyone in the CDR community so uncomfortable that they aren’t celebrating this out loud
Peter Eisenberger wrestled with the uncomfortable part in another thread, which everyone should totally read, but I’ll quote below with formatting cleaned up slightly:
- One cannot ask or get the developing world to stop using fossil fuels or make their energy costs higher while their people do not have their basic needs met
- Even as shown in europe for the developed world stopping to use fossil fuels is not feasible
- That any industrial revolution has a long transition period - parts of the world are still using wood
- The energy industry is the only industry that has the experience and capability to make the transition in the time needed
- Acknowledging the above rather than arguing for stopping fossil fuel now and villainizing the energy industry is needed to reach a global accord and coordination needed to make the transition away from fossil fuels and a natural resource based economy to a Renewable Energy and Materials Economy happen as quickly as possible
Oxy’s decision to pay $1.1 billion for a company with no revenue, and whose technology is still several years away from generating revenue, is bold. It would be unthinkably risky if it did not also offer some hope of extending Oxy's existing oil business. Oxy generates about $20B in profits each year, so even if there is a small chance this purchase of forestalling regulation or obsolescence, they should make the bet.
If nothing else, Oxy seems to be able to think rationally. Oxy has said they are planning to build 100 metago/yr-ish scale DAC facilities globally by 2035. I think the smart money right now is that they intend to follow through. This is obviously contingent on global markets for carbon credits, and Oxy can decide to reverse its investments later. But also, their ambitions are entirely achievable. See Peter’s (4) above in particular.
Is 100 megaton-scale DAC plants bad? I think that yes, the US’s climate credit policy gives some payout to people who don’t give a damn about climate. I also can’t think of an incentive plan that doesn’t have some perverse side effects, and yet we still incentivize and invest. It is very early in 2023 to be saying that we know that this particular set of incentives are bad, or good. Climate is a long game. It seems wrong to judge an investment by its outcome today.
Oxy, being the cold-blooded, rational capitalists they are, is making a bet that might not pay out, but will pay off well if it does. Maybe that last bit is the lesson here. Yes, there is risk to the climate movement that the bet in DAC will go totally sideways. But we are in a crisis. Our future livelihood is threatened. In that context, isn’t it worth taking risk?
I think ambivalence and caution are justified, but it’s worthwhile to put out an audible “yay!” here.
Seth
-------
Seth Miller, Ph.D.www.linkedin.com/in/sethmiller2Check my blog at: perspicacity.xyz
On Aug 22, 2023, at 2:21 PM, Gregory Slater <ten...@gmail.com> wrote:
All,Maybe I am just bad at searching the site, but I haven't found much discussion of the recently announced sale of David Keith's 'Carbon Engineering' to Occidental Petroleum for ~$1.1 billion. This announcement came only days after Biden announced hi intent to ask for ~$1.2 billion in aid for two CDR demo plants in Texas and Louisiana. I suppose I should be just grateful as hell that you can sell a pocket CDR test facility for a billion dollars, but I don't trust Occidental's motives in doing this. If selling a CDR company to big oil at this stage doesn't involve the specter of 'moral hazard', then there's no such thing as a moral hazard (which is constantly laid on SAI). Occidental is incentivized to put as much CO2 in the atmosphere as possible so they can make even more money pulling it all out. Gore even had a shocking quote from the Occidental CEO in his recent TED talk (who knows if it was a deepfake).
Did I miss the lively debate over this sale? Send me a link please.
Thank you,Greg Slater
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David Hawkins <dahaw...@gmail.com>: Aug 23 08:42AM -0400
Greg, et al.,
OXY's CEO has indeed rationalized its investment in CDR as a device to prolong fossil fuel use. The US Congress has indeed to date declined to adopt a comprehensive, economy-wide mandatory GHG emission reduction regime (although the Clean Air Act, enacted in 1970, with relevant amendments as recent as 2022 provides EPA with substantial power to limit GHG emissions from new and existing sources, both stationary and mobile, and this authority has been several times confirmed by our Supreme Court, also as recent as 2022).
Does OXY's stated motive mean we should oppose the DAC project it is constructing? I don't think so. OXY's statement is not at all surprising. The primary audiences are those investors who are still backing Big Fossil and those who are investing in OXY in particular. OXY and other FF companies will no doubt continue to advocate for CDR that is larger than rational and claim that their investments are evidence of their “good faith.”
That's what they will argue but we who prioritize climate protection have overwhelmingly powerful and stronger arguments. CDR is not an alternative to radical reductions in FF and FF emissions. Those reductions must be the core of any strategy.
Even though CDR may play a modest role, cheaper, more energy efficient CDR is a plus. The DAC subsidies in the IRA are not the best policy but they are a better policy than no policy, if they speed learning for DAC.
To make a strategy that prioritizes emissions reductions a reality, in a democracy we need to assemble the votes to make it law. For some politicians, CDR may give them cover to move from opposition to support of the policies we need.
We will need to fight for terms that keep the focus on emissions reductions and replacement of FF with alternatives. That is a fight worth having and a fight we will win — later than it should have happened but the job now is to deploy all the tools that will help us win the fight more quickly. I believe the OXY project, regardless of the CEO's rationalization, can help create another useful tool in a complete program to limit climate disruption harms and help us assemble the votes we need to deliver that program.
David
Sent from my iPad
On Aug 23, 2023, at 2:50 AM, Greg Rau <gh...@sbcglobal.net> wrote:
Just to be clear on Oxy motives:
https://www.eenews.net/articles/oil-companies-want-to-remove-carbon-from-the-air-using-taxpayer-dollars/
“ Occidental Petroleum Corp. leader Vicki Hollub has described DAC not as a climate solution but a way to continue producing petroleum.
“We believe that our direct capture technology is going to be the technology that helps to preserve our industry over time,” she said at an oil and gas conference earlier this year. “This gives our industry a license to continue to operate for the 60, 70, 80 years that I think it's going to be very much needed.”
-as I posted on July 17, with lots of followup comments from others. You can sugarcoat this, but the deal is we here in the US can have DAC (and have it hugely subsidized by the US taxpayer) if we agree to prolong FF. All other CDR (that might be cheaper, faster, better, higher capacity in net consuming air CO2, but doesn't serve the FF industry) can find their own partons and votes in Congress. The interesting exception to this is Climeworks, but even they couldn't resist the US DAC feeding trough: https://climeworks.com/news/us-doe-selects-all-three-dac-hub-proposals-climeworks-participates-in
It's again time for my annual posting of this little observation from the distant past:
“It ought to be remembered that there is nothing more difficult to take in hand, more perilous to conduct, or more uncertain in its success, than to take the lead in the introduction of a new order of things. Because the innovator has for enemies all those who have done well under the old conditions, and lukewarm defenders in those who may do well under the new. This coolness arises partly from fear of the opponents, who have the laws on their side, and partly from the incredulity of men, who do not readily believe in new things until they have had a long experience of them.” ― Niccolò Machiavelli, 1513, The Prince
So, we and the planet are in for a "long experience" with excess CO2 before anything really changes?
Greg
On Tuesday, August 22, 2023, 04:29:24 PM PDT, Dan Miller <d...@rodagroup.com> wrote:
A few points:
1. I disagree that we need FF for a long time. We can ban ICE cars in 2030, FF electricity in 2035 and almost all FF energy in 2040. Any small amount of FF after that (and before!) would need to be offset with permanent CDR. Note that this phase out of FF will save society trillions of dollars because FF is the most expensive form of energy — by far — when all costs are included, and still more expensive even when climate damage is excluded. As we are learning today, the “external costs” of FF are real and must be paid in Maui and around the world. If you want to help the developing world, then give them renewable energy. FF are a curse for both environmental and financial reasons in the developing world, draining their resources to pay for a constant supply of FF.
2. This whole notion of a moral hazard for CDR assumes there will be no serious action on climate and we will ask FF companies to “pretty please” reduce the amount of product they supply. If we continue to choose to fail then we will, well, fail. But if we choose to take serious action, then it will not be up to FF companies to continue to produce deadly products by greenwashing with CDR. Perhaps, instead, they will turn into real CDR companies because they know for sure that they must ramp down production of FF.
3. I'm concerned that we — climate activists — continue to nibble around the edges of a plan that is doomed to fail. We need to face the fact that the world is taking essentially no serious climate action and try to change that. Subsidizing renewables is great but it does not stop climate change. Phasing out FF helps but there is very little discussion about even thinking about doing that! CDR and SRM are required to prevent >2ºC and other catastrophic tipping points, including a near-term AMOC shutdown, yet we are dilly dallying about those things. The fact that Biden can approve the Willow project and talk about providing shade and water to outdoor workers rather than than actually addressing climate change means there is no leadership on climate. António Guterres is great but no one listens to him. Instead, the head of the UAE oil company is running the upcoming COP! I think if the public understood that there is no one at the wheel, they might demand some level of
real action. As climate damage increases, that day will eventually come, but we need to figure out how to accelerate the call for real climate action.
Dan
On Aug 22, 2023, at 6:02 PM, Seth Miller <setha...@gmail.com> wrote:
The statement “this makes everyone in the CDR community so uncomfortable that they aren't celebrating…” is an overstatement.
This is fair!
I know that for me personally, I will piss off a lot of friends by cheering for Oxy and CE and the amoral wheels of capitalism. Still, this should be something of a watershed moment? I noticed the same silence that Greg did, and I think he's right to poke the list to see how everyone is processing this.
-------
Seth Miller, Ph.D.
www.linkedin.com/in/sethmiller2
Check my blog at: perspicacity.xyz
On Aug 22, 2023, at 3:51 PM, Peter Flynn <pcf...@ualberta.ca> wrote:
The statement “this makes everyone in the CDR community so uncomfortable that they aren't celebrating…” is an overstatement.
Fossil fuels have conveyed staggering benefits to humanity, with late recognition of a serious and terrible consequence not due to the use of energy but rather to the end byproduct of that energy. If the byproduct were to be fully dealt with, then at least one member of the CDR community, me, is comfortable with ongoing use. I can envision a future in which legacy emissions are captured and paid for by DAC primarily funded by those societies that historically created the emissions, and in which ongoing emissions are captured and paid for by DAC paid for by the user of the fuel. If a fossil fuel is economic in the future with full offset….ok by me. There is much suspicion of all energy producers, warranted in my opinion way more for some than others. We are moving to sufficiently accurate measurement and verification to know whether incremental emissions are truly offset. I think our future is better assured if we focus on results and not villains.
Peter
Peter Flynn, P. Eng., Ph. D.
Emeritus Professor and Poole Chair in Management for Engineers
Department of Mechanical Engineering
University of Alberta
Edmonton, Alberta, Canada
1 928 451 4455
peter...@ualberta.ca
From: carbondiox...@googlegroups.com <carbondiox...@googlegroups.com> On Behalf Of Seth Miller
Sent: Tuesday, August 22, 2023 3:33 PM
To: Gregory Slater <ten...@gmail.com>
Cc: Carbon Dioxide Removal <CarbonDiox...@googlegroups.com>
Subject: Re: [CDR] Carbon Engineering and 'the moral hazard'
Greg, you didn't miss anything.
I think the lessons here are that:
Oxy is 100% serious about going bit into DAC, using government funded carbon credits in order to extend their existing oil business
This makes everyone in the CDR community so uncomfortable that they aren't celebrating this out loud
Peter Eisenberger wrestled with the uncomfortable part in another thread, which everyone should totally read, but I'll quote below with formatting cleaned up slightly:
One cannot ask or get the developing world to stop using fossil fuels or make their energy costs higher while their people do not have their basic needs met
Even as shown in europe for the developed world stopping to use fossil fuels is not feasible
That any industrial revolution has a long transition period - parts of the world are still using wood
The energy industry is the only industry that has the experience and capability to make the transition in the time needed
Acknowledging the above rather than arguing for stopping fossil fuel now and villainizing the energy industry is needed to reach a global accord and coordination needed to make the transition away from fossil fuels and a natural resource based economy to a Renewable Energy and Materials Economy happen as quickly as possible
Oxy's decision to pay $1.1 billion for a company with no revenue, and whose technology is still several years away from generating revenue, is bold. It would be unthinkably risky if it did not also offer some hope of extending Oxy's existing oil business. Oxy generates about $20B in profits each year, so even if there is a small chance this purchase of forestalling regulation or obsolescence, they should make the bet.
If nothing else, Oxy seems to be able to think rationally. Oxy has said they are planning to build 100 metago/yr-ish scale DAC facilities globally by 2035. I think the smart money right now is that they intend to follow through. This is obviously contingent on global markets for carbon credits, and Oxy can decide to reverse its investments later. But also, their ambitions are entirely achievable. See Peter's (4) above in particular.
Is 100 megaton-scale DAC plants bad? I think that yes, the US's climate credit policy gives some payout to people who don't give a damn about climate. I also can't think of an incentive plan that doesn't have some perverse side effects, and yet we still incentivize and invest. It is very early in 2023 to be saying that we know that this particular set of incentives are bad, or good. Climate is a long game. It seems wrong to judge an investment by its outcome today.
Oxy, being the cold-blooded, rational capitalists they are, is making a bet that might not pay out, but will pay off well if it does. Maybe that last bit is the lesson here. Yes, there is risk to the climate movement that the bet in DAC will go totally sideways. But we are in a crisis. Our future livelihood is threatened. In that context, isn't it worth taking risk?
I think ambivalence and caution are justified, but it's worthwhile to put out an audible “yay!” here.
Seth
-------
Seth Miller, Ph.D.
www.linkedin.com/in/sethmiller2
Check my blog at: perspicacity.xyz
On Aug 22, 2023, at 2:21 PM, Gregory Slater <ten...@gmail.com> wrote:
All,
Maybe I am just bad at searching the site, but I haven't found much discussion of the recently announced sale of David Keith's 'Carbon Engineering' to Occidental Petroleum for ~$1.1 billion. This announcement came only days after Biden announced hi intent to ask for ~$1.2 billion in aid for two CDR demo plants in Texas and Louisiana. I suppose I should be just grateful as hell that you can sell a pocket CDR test facility for a billion dollars, but I don't trust Occidental's motives in doing this. If selling a CDR company to big oil at this stage doesn't involve the specter of 'moral hazard', then there's no such thing as a moral hazard (which is constantly laid on SAI). Occidental is incentivized to put as much CO2 in the atmosphere as possible so they can make even more money pulling it all out. Gore even had a shocking quote from the Occidental CEO in his recent TED talk (who knows if it was a deepfake).
Did I miss the lively debate over this sale? Send me a link please.
Thank you,
Greg Slater
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Klaus Lackner <Klaus....@asu.edu>: Aug 23 02:31PM
If you take a more optimistic perspective, Ms Hollub – the head of an oil company – has publicly admitted that the CO2 emissions from fossil fuels need to be canceled out by sequestration. Rather than belly-aching whether she does or does not want to continue fossil fuel use (of course she does), we should take the opening and demand that this cancellation must start today for all fossil fuels. Therefore, the deal should be you can have your sequestration, but you are now responsible for net zero. Every ton of carbon coming out of the ground, needs to be cancelled out by sequestration. Since it is unlikely that you have enough sequestration capacity today, the unbalanced part stays on your balance sheet just like any other debt and has to be paid off. Unless you or someone you pay for this service can give an ironclad guarantee that this future of a sequestration certificate is as good as a treasury bond and insured, you are no longer allowed to extract fossil fuels.
That deal is also good for the environment. If you could have it worldwide, it would guarantee that CO2 levels in the atmosphere will revert back to today’s levels once the mountain of carbon debt has been paid off. We are too late to just phase out fossil fuels. We can’t do it overnight, and I think it is a lot better to demand carbon neutrality than to give the industry a time schedule to phase out fossil fuels.
Will this approach lead to the perpetuation of fossil fuels? I doubt it. In this scenario OXY would suddenly have a very tidy business in CO2 sequestration selling it to all its fossil fuel partners. For many decades the demand for sequestration could not be met on the spot, and therefore piles up future demand. In a world that needs to draw down 100 ppm of CO2, you have 1500 Gt of CO2 demand built in. Alternatively, future obligations would globally pile up at about 40 Gt/yr, for years to come. OXY and its friends inside and outside the oil industry, would see this demand, and would have no reason to give you a break on sequestration. The cost of sequestration will not come down until the overhang is successfully removed. And that will take many decades. It won’t take OXY too long to figure out that sequestration is a better business than oil. No other industry has a mismatch between supply and demand as large as sequestration. Fossil fuels will have to pay a stiff price
for sequestration, because the market will allow it. If renewable energy technologies can’t compete with that they don’t deserve any better. In my view, they can and will and will gradually force fossil fuel out.
In short, we should take the opportunity and agree with OXY that all carbon has to be cancelled out. We know how to do it, with all sorts of CDR. Then we add that the demand that fossil fuel producers must have the obligation to cancel out their carbon release immediately. Let’s focus on creating credible certificates of sequestrations that guarantee that carbon has been removed on climate relevant time scales and ironclad bonded futures on certificates of sequestration that companies can and must buy today.
Since, we can’t get the whole world behind this overnight, why don’t we start at home and require certificates of sequestration for all fossil fuel extraction, for all calcination processes and for all imports of oil, coal, gas, and fuel products. With that we could become carbon neutral and do our part to stop climate change.
Klaus
From: carbondiox...@googlegroups.com <carbondiox...@googlegroups.com> on behalf of David Hawkins <dahaw...@gmail.com>
Date: Wednesday, August 23, 2023 at 06:43
To: Greg Rau <gh...@sbcglobal.net>
Cc: Seth Miller <setha...@gmail.com>, Dan Miller <d...@rodagroup.com>, Peter Flynn <pcf...@ualberta.ca>, Gregory Slater <ten...@gmail.com>, Carbon Dioxide Removal <carbondiox...@googlegroups.com>
Subject: Re: [CDR] Carbon Engineering and 'the moral hazard'
Greg, et al.,
OXY’s CEO has indeed rationalized its investment in CDR as a device to prolong fossil fuel use. The US Congress has indeed to date declined to adopt a comprehensive, economy-wide mandatory GHG emission reduction regime (although the Clean Air Act, enacted in 1970, with relevant amendments as recent as 2022 provides EPA with substantial power to limit GHG emissions from new and existing sources, both stationary and mobile, and this authority has been several times confirmed by our Supreme Court, also as recent as 2022).
Does OXY’s stated motive mean we should oppose the DAC project it is constructing? I don’t think so. OXY’s statement is not at all surprising. The primary audiences are those investors who are still backing Big Fossil and those who are investing in OXY in particular. OXY and other FF companies will no doubt continue to advocate for CDR that is larger than rational and claim that their investments are evidence of their “good faith.”
That’s what they will argue but we who prioritize climate protection have overwhelmingly powerful and stronger arguments. CDR is not an alternative to radical reductions in FF and FF emissions. Those reductions must be the core of any strategy.
Even though CDR may play a modest role, cheaper, more energy efficient CDR is a plus. The DAC subsidies in the IRA are not the best policy but they are a better policy than no policy, if they speed learning for DAC.
To make a strategy that prioritizes emissions reductions a reality, in a democracy we need to assemble the votes to make it law. For some politicians, CDR may give them cover to move from opposition to support of the policies we need.
We will need to fight for terms that keep the focus on emissions reductions and replacement of FF with alternatives. That is a fight worth having and a fight we will win — later than it should have happened but the job now is to deploy all the tools that will help us win the fight more quickly. I believe the OXY project, regardless of the CEO’s rationalization, can help create another useful tool in a complete program to limit climate disruption harms and help us assemble the votes we need to deliver that program.
David
Sent from my iPad
On Aug 23, 2023, at 2:50 AM, Greg Rau <gh...@sbcglobal.net> wrote:
Just to be clear on Oxy motives:
https://www.eenews.net/articles/oil-companies-want-to-remove-carbon-from-the-air-using-taxpayer-dollars/<https://urldefense.com/v3/__https:/www.eenews.net/articles/oil-companies-want-to-remove-carbon-from-the-air-using-taxpayer-dollars/__;!!IKRxdwAv5BmarQ!d0YqzCdFkXaCnOrYnq8YJl7cufhxjNFCeN2ODm47nXNDK0KNFf0hSJOPNkDWD7QAEVd0jd3KkuZzVhApODOzuQ$>
“ Occidental Petroleum Corp. leader Vicki Hollub has described DAC not as a climate solution but a way to continue producing petroleum<https://urldefense.com/v3/__https:/www.politico.com/news/2023/03/08/oil-industry-shift-climate-tech-00085853__;!!IKRxdwAv5BmarQ!d0YqzCdFkXaCnOrYnq8YJl7cufhxjNFCeN2ODm47nXNDK0KNFf0hSJOPNkDWD7QAEVd0jd3KkuZzVhB_V94x_w$>.
“We believe that our direct capture technology is going to be the technology that helps to preserve our industry over time,” she said at an oil and gas conference earlier this year. “This gives our industry a license to continue to operate for the 60, 70, 80 years that I think it’s going to be very much needed.”
-as I posted on July 17, with lots of followup comments from others. You can sugarcoat this, but the deal is we here in the US can have DAC (and have it hugely subsidized by the US taxpayer) if we agree to prolong FF. All other CDR (that might be cheaper, faster, better, higher capacity in net consuming air CO2, but doesn't serve the FF industry) can find their own partons and votes in Congress. The interesting exception to this is Climeworks, but even they couldn't resist the US DAC feeding trough: https://climeworks.com/news/u.s.-doe-selects-all-three-dac-hub-proposals-climeworks-participates-in<https://urldefense.com/v3/__https:/climeworks.com/news/u.s.-doe-selects-all-three-dac-hub-proposals-climeworks-participates-in__;!!IKRxdwAv5BmarQ!d0YqzCdFkXaCnOrYnq8YJl7cufhxjNFCeN2ODm47nXNDK0KNFf0hSJOPNkDWD7QAEVd0jd3KkuZzVhCZXzGTvQ$>
It's again time for my annual posting of this little observation from the distant past:
“It ought to be remembered that there is nothing more difficult to take in hand, more perilous to conduct, or more uncertain in its success, than to take the lead in the introduction of a new order of things. Because the innovator has for enemies all those who have done well under the old conditions, and lukewarm defenders in those who may do well under the new. This coolness arises partly from fear of the opponents, who have the laws on their side, and partly from the incredulity of men, who do not readily believe in new things until they have had a long experience of them.” ― Niccolò Machiavelli, 1513, The Prince<https://urldefense.com/v3/__https:/www.goodreads.com/work/quotes/1335445__;!!IKRxdwAv5BmarQ!d0YqzCdFkXaCnOrYnq8YJl7cufhxjNFCeN2ODm47nXNDK0KNFf0hSJOPNkDWD7QAEVd0jd3KkuZzVhD4E6p6Rw$>
So, we and the planet are in for a "long experience" with excess CO2 before anything really changes?
Greg
On Tuesday, August 22, 2023, 04:29:24 PM PDT, Dan Miller <d...@rodagroup.com> wrote:
A few points:
1. I disagree that we need FF for a long time. We can ban ICE cars in 2030, FF electricity in 2035 and almost all FF energy in 2040. Any small amount of FF after that (and before!) would need to be offset with permanent CDR. Note that this phase out of FF will save society trillions of dollars because FF is the most expensive form of energy — by far — when all costs are included, and still more expensive even when climate damage is excluded. As we are learning today, the “external costs” of FF are real and must be paid in Maui and around the world. If you want to help the developing world, then give them renewable energy. FF are a curse for both environmental and financial reasons in the developing world, draining their resources to pay for a constant supply of FF.
2. This whole notion of a moral hazard for CDR assumes there will be no serious action on climate and we will ask FF companies to “pretty please” reduce the amount of product they supply. If we continue to choose to fail then we will, well, fail. But if we choose to take serious action, then it will not be up to FF companies to continue to produce deadly products by greenwashing with CDR. Perhaps, instead, they will turn into real CDR companies because they know for sure that they must ramp down production of FF.
3. I’m concerned that we — climate activists — continue to nibble around the edges of a plan that is doomed to fail. We need to face the fact that the world is taking essentially no serious climate action and try to change that. Subsidizing renewables is great but it does not stop climate change. Phasing out FF helps but there is very little discussion about even thinking about doing that! CDR and SRM are required to prevent >2ºC and other catastrophic tipping points, including a near-term AMOC shutdown, yet we are dilly dallying about those things. The fact that Biden can approve the Willow project and talk about providing shade and water to outdoor workers rather than than actually addressing climate change means there is no leadership on climate. António Guterres is great but no one listens to him. Instead, the head of the UAE oil company is running the upcoming COP! I think if the public understood that there is no one at the wheel, they might demand some level of
real action. As climate damage increases, that day will eventually come, but we need to figure out how to accelerate the call for real climate action.
Dan
On Aug 22, 2023, at 6:02 PM, Seth Miller <setha...@gmail.com> wrote:
The statement “this makes everyone in the CDR community so uncomfortable that they aren’t celebrating…” is an overstatement.
This is fair!
I know that for me personally, I will piss off a lot of friends by cheering for Oxy and CE and the amoral wheels of capitalism. Still, this should be something of a watershed moment? I noticed the same silence that Greg did, and I think he’s right to poke the list to see how everyone is processing this.
-------
Seth Miller, Ph.D.
www.linkedin.com/in/sethmiller2<https://urldefense.com/v3/__http:/www.linkedin.com/in/sethmiller2__;!!IKRxdwAv5BmarQ!d0YqzCdFkXaCnOrYnq8YJl7cufhxjNFCeN2ODm47nXNDK0KNFf0hSJOPNkDWD7QAEVd0jd3KkuZzVhC8LPg9AA$>
Check my blog at: perspicacity.xyz
On Aug 22, 2023, at 3:51 PM, Peter Flynn <pcf...@ualberta.ca> wrote:
The statement “this makes everyone in the CDR community so uncomfortable that they aren’t celebrating…” is an overstatement.
Fossil fuels have conveyed staggering benefits to humanity, with late recognition of a serious and terrible consequence not due to the use of energy but rather to the end byproduct of that energy. If the byproduct were to be fully dealt with, then at least one member of the CDR community, me, is comfortable with ongoing use. I can envision a future in which legacy emissions are captured and paid for by DAC primarily funded by those societies that historically created the emissions, and in which ongoing emissions are captured and paid for by DAC paid for by the user of the fuel. If a fossil fuel is economic in the future with full offset….ok by me. There is much suspicion of all energy producers, warranted in my opinion way more for some than others. We are moving to sufficiently accurate measurement and verification to know whether incremental emissions are truly offset. I think our future is better assured if we focus on results and not villains.
Peter
Peter Flynn, P. Eng., Ph. D.
Emeritus Professor and Poole Chair in Management for Engineers
Department of Mechanical Engineering
University of Alberta
Edmonton, Alberta, Canada
1 928 451 4455
peter...@ualberta.ca<mailto:peter...@ualberta.ca>
From: carbondiox...@googlegroups.com<mailto:carbondiox...@googlegroups.com> <carbondiox...@googlegroups.com<mailto:carbondiox...@googlegroups.com>> On Behalf Of Seth Miller
Sent: Tuesday, August 22, 2023 3:33 PM
To: Gregory Slater <ten...@gmail.com<mailto:ten...@gmail.com>>
Cc: Carbon Dioxide Removal <CarbonDiox...@googlegroups.com<mailto:CarbonDiox...@googlegroups.com>>
Subject: Re: [CDR] Carbon Engineering and 'the moral hazard'
Greg, you didn’t miss anything.
I think the lessons here are that:
1. Oxy is 100% serious about going bit into DAC, using government funded carbon credits in order to extend their existing oil business
2. This makes everyone in the CDR community so uncomfortable that they aren’t celebrating this out loud
Peter Eisenberger wrestled with the uncomfortable part in another thread, which everyone should totally read, but I’ll quote below with formatting cleaned up slightly:
1. One cannot ask or get the developing world to stop using fossil fuels or make their energy costs higher while their people do not have their basic needs met
2. Even as shown in europe for the developed world stopping to use fossil fuels is not feasible
3. That any industrial revolution has a long transition period - parts of the world are still using wood
4. The energy industry is the only industry that has the experience and capability to make the transition in the time needed
5. Acknowledging the above rather than arguing for stopping fossil fuel now and villainizing the energy industry is needed to reach a global accord and coordination needed to make the transition away from fossil fuels and a natural resource based economy to a Renewable Energy and Materials Economy happen as quickly as possible
Oxy’s decision to pay $1.1 billion
|
Anton Alferness <an...@paradigmclimate.com>: Aug 23 07:49AM -0700
I think it is worth keeping in mind that there will come a point where
there simply won't be any more reasons left to deny climate change is real
and those clinging to their old paradigms will turn the corner. One way or
another.
|
Robert Chris <robert...@gmail.com>: Aug 23 03:50PM +0100
Great idea, but ...
In effect what Klaus is proposing is the internalisation of the
environmental costs associated with fossil fuel consumption that have
hitherto been externalised - the mother of all market failures referred
to by many commentators.
Internalising these costs will inescapably cause fossil fuel products to
become more expensive. The good news there is that this will favour the
acceleration of the transition to renewables and nuclear. The bad news
is that logistically that it such a vast task globally that it will take
decades before the current 80% reliance on fossil fuels is reduced to
its irreducible minimum. Further bad news is that the politicians that
would have to mandate this policy globally are very unlikely to do so
because their citizens will see this as tantamount to taxation.
Citizens don't like taxation and will not vote those politicians in next
time round, or might revolt in totalitarian states where voting isn't
available, or at least, the politicians would fear such reactions and
would therefore be too timid to go down that route.
Eventually these environmental costs, both those emanating from current
and future fossil fuels and those already incurred from past emissions,
will have to be paid, one way or another. The challenge that humanity
faces is making that happen in an orderly and reasonably equitable
manner. If we don't find a way to do that in the relatively near
future, nature will provide us with the solution. As far as I'm aware,
nature does not have a mechanism for addressing societal orderliness and
equity.
The big imponderable is how much time have we got before nature takes
the decisions out of our hands. The answer to that question is subject
to considerable uncertainty, however, given what's at stake, prudence
might suggest we embrace that uncertainty by over-reacting. The last 30
years or so of global climate change policymaking do not augur well in
that regard.
Regards
Robert
On 23/08/2023 15:31, Klaus Lackner wrote:
|
"Sarnoff, Joshua" <JSAR...@depaul.edu>: Aug 23 02:53PM
Perhaps you underestimate the power of delusional thinking and denial? Think about the “big lie” of the 2020 election. Admitting that it was false will now require lots of people to acknowledge that they were lying all along or being lied to and duped all along. Which undermines their belief in the positive association of their identities, not to mention the lack of safety. Consider the following analysis of climate denialism:
“ “Research suggests that people are attracted to these narratives when one or more psychological needs are threatened,” including the need to have clarity and certainty, the need to feel safe and in control, and the need to feel positive about groups you belong to, she says.”
Josh
From: <carbondiox...@googlegroups.com> on behalf of Anton Alferness <an...@paradigmclimate.com>
Date: Wednesday, August 23, 2023 at 10:49 AM
To: Greg Rau <gh...@sbcglobal.net>
Cc: Seth Miller <setha...@gmail.com>, Dan Miller <d...@rodagroup.com>, Peter Flynn <pcf...@ualberta.ca>, Gregory Slater <ten...@gmail.com>, Carbon Dioxide Removal <carbondiox...@googlegroups.com>
Subject: [EXT] Re: [CDR] Carbon Engineering and 'the moral hazard'
I think it is worth keeping in mind that there will come a point where there simply won't be any more reasons left to deny climate change is real and those clinging to their old paradigms will turn the corner. One way or another.
On Wed, Aug 23, 2023 at 7:31 AM Klaus Lackner <Klaus....@asu.edu<mailto:Klaus....@asu.edu>> wrote:
If you take a more optimistic perspective, Ms Hollub – the head of an oil company – has publicly admitted that the CO2 emissions from fossil fuels need to be canceled out by sequestration. Rather than belly-aching whether she does or does not want to continue fossil fuel use (of course she does), we should take the opening and demand that this cancellation must start today for all fossil fuels. Therefore, the deal should be you can have your sequestration, but you are now responsible for net zero. Every ton of carbon coming out of the ground, needs to be cancelled out by sequestration. Since it is unlikely that you have enough sequestration capacity today, the unbalanced part stays on your balance sheet just like any other debt and has to be paid off. Unless you or someone you pay for this service can give an ironclad guarantee that this future of a sequestration certificate is as good as a treasury bond and insured, you are no longer allowed to extract fossil fuels.
That deal is also good for the environment. If you could have it worldwide, it would guarantee that CO2 levels in the atmosphere will revert back to today’s levels once the mountain of carbon debt has been paid off. We are too late to just phase out fossil fuels. We can’t do it overnight, and I think it is a lot better to demand carbon neutrality than to give the industry a time schedule to phase out fossil fuels.
Will this approach lead to the perpetuation of fossil fuels? I doubt it. In this scenario OXY would suddenly have a very tidy business in CO2 sequestration selling it to all its fossil fuel partners. For many decades the demand for sequestration could not be met on the spot, and therefore piles up future demand. In a world that needs to draw down 100 ppm of CO2, you have 1500 Gt of CO2 demand built in. Alternatively, future obligations would globally pile up at about 40 Gt/yr, for years to come. OXY and its friends inside and outside the oil industry, would see this demand, and would have no reason to give you a break on sequestration. The cost of sequestration will not come down until the overhang is successfully removed. And that will take many decades. It won’t take OXY too long to figure out that sequestration is a better business than oil. No other industry has a mismatch between supply and demand as large as sequestration. Fossil fuels will have to pay a stiff price
for sequestration, because the market will allow it. If renewable energy technologies can’t compete with that they don’t deserve any better. In my view, they can and will and will gradually force fossil fuel out.
In short, we should take the opportunity and agree with OXY that all carbon has to be cancelled out. We know how to do it, with all sorts of CDR. Then we add that the demand that fossil fuel producers must have the obligation to cancel out their carbon release immediately. Let’s focus on creating credible certificates of sequestrations that guarantee that carbon has been removed on climate relevant time scales and ironclad bonded futures on certificates of sequestration that companies can and must buy today.
Since, we can’t get the whole world behind this overnight, why don’t we start at home and require certificates of sequestration for all fossil fuel extraction, for all calcination processes and for all imports of oil, coal, gas, and fuel products. With that we could become carbon neutral and do our part to stop climate change.
Klaus
From: carbondiox...@googlegroups.com<mailto:carbondiox...@googlegroups.com> <carbondiox...@googlegroups.com<mailto:carbondiox...@googlegroups.com>> on behalf of David Hawkins <dahaw...@gmail.com<mailto:dahaw...@gmail.com>>
Date: Wednesday, August 23, 2023 at 06:43
To: Greg Rau <gh...@sbcglobal.net<mailto:gh...@sbcglobal.net>>
Cc: Seth Miller <setha...@gmail.com<mailto:setha...@gmail.com>>, Dan Miller <d...@rodagroup.com<mailto:d...@rodagroup.com>>, Peter Flynn <pcf...@ualberta.ca<mailto:pcf...@ualberta.ca>>, Gregory Slater <ten...@gmail.com<mailto:ten...@gmail.com>>, Carbon Dioxide Removal <carbondiox...@googlegroups.com<mailto:carbondiox...@googlegroups.com>>
Subject: Re: [CDR] Carbon Engineering and 'the moral hazard'
Greg, et al.,
OXY’s CEO has indeed rationalized its investment in CDR as a device to prolong fossil fuel use. The US Congress has indeed to date declined to adopt a comprehensive, economy-wide mandatory GHG emission reduction regime (although the Clean Air Act, enacted in 1970, with relevant amendments as recent as 2022 provides EPA with substantial power to limit GHG emissions from new and existing sources, both stationary and mobile, and this authority has been several times confirmed by our Supreme Court, also as recent as 2022).
Does OXY’s stated motive mean we should oppose the DAC project it is constructing? I don’t think so. OXY’s statement is not at all surprising. The primary audiences are those investors who are still backing Big Fossil and those who are investing in OXY in particular. OXY and other FF companies will no doubt continue to advocate for CDR that is larger than rational and claim that their investments are evidence of their “good faith.”
That’s what they will argue but we who prioritize climate protection have overwhelmingly powerful and stronger arguments. CDR is not an alternative to radical reductions in FF and FF emissions. Those reductions must be the core of any strategy.
Even though CDR may play a modest role, cheaper, more energy efficient CDR is a plus. The DAC subsidies in the IRA are not the best policy but they are a better policy than no policy, if they speed learning for DAC.
To make a strategy that prioritizes emissions reductions a reality, in a democracy we need to assemble the votes to make it law. For some politicians, CDR may give them cover to move from opposition to support of the policies we need.
We will need to fight for terms that keep the focus on emissions reductions and replacement of FF with alternatives. That is a fight worth having and a fight we will win — later than it should have happened but the job now is to deploy all the tools that will help us win the fight more quickly. I believe the OXY project, regardless of the CEO’s rationalization, can help create another useful tool in a complete program to limit climate disruption harms and help us assemble the votes we need to deliver that program.
David
Sent from my iPad
On Aug 23, 2023, at 2:50 AM, Greg Rau <gh...@sbcglobal.net<mailto:gh...@sbcglobal.net>> wrote:
Just to be clear on Oxy motives:
https://www.eenews.net/articles/oil-companies-want-to-remove-carbon-from-the-air-using-taxpayer-dollars/<https://urldefense.com/v3/__https:/www.eenews.net/articles/oil-companies-want-to-remove-carbon-from-the-air-using-taxpayer-dollars/__;!!IKRxdwAv5BmarQ!d0YqzCdFkXaCnOrYnq8YJl7cufhxjNFCeN2ODm47nXNDK0KNFf0hSJOPNkDWD7QAEVd0jd3KkuZzVhApODOzuQ$>
“ Occidental Petroleum Corp. leader Vicki Hollub has described DAC not as a climate solution but a way to continue producing petroleum<https://urldefense.com/v3/__https:/www.politico.com/news/2023/03/08/oil-industry-shift-climate-tech-00085853__;!!IKRxdwAv5BmarQ!d0YqzCdFkXaCnOrYnq8YJl7cufhxjNFCeN2ODm47nXNDK0KNFf0hSJOPNkDWD7QAEVd0jd3KkuZzVhB_V94x_w$>.
“We believe that our direct capture technology is going to be the technology that helps to preserve our industry over time,” she said at an oil and gas conference earlier this year. “This gives our industry a license to continue to operate for the 60, 70, 80 years that I think it’s going to be very much needed.”
-as I posted on July 17, with lots of followup comments from others. You can sugarcoat this, but the deal is we here in the US can have DAC (and have it hugely subsidized by the US taxpayer) if we agree to prolong FF. All other CDR (that might be cheaper, faster, better, higher capacity in net consuming air CO2, but doesn't serve the FF industry) can find their own partons and votes in Congress. The interesting exception to this is Climeworks, but even they couldn't resist the US DAC feeding trough: https://climeworks.com/news/u.s.-doe-selects-all-three-dac-hub-proposals-climeworks-participates-in<https://urldefense.com/v3/__https:/climeworks.com/news/u.s.-doe-selects-all-three-dac-hub-proposals-climeworks-participates-in__;!!IKRxdwAv5BmarQ!d0YqzCdFkXaCnOrYnq8YJl7cufhxjNFCeN2ODm47nXNDK0KNFf0hSJOPNkDWD7QAEVd0jd3KkuZzVhCZXzGTvQ$>
It's again time for my annual posting of this little observation from the distant past:
“It ought to be remembered that there is nothing more difficult to take in hand, more perilous to conduct, or more uncertain in its success, than to take the lead in the introduction of a new order of things. Because the innovator has for enemies all those who have done well under the old conditions, and lukewarm defenders in those who may do well under the new. This coolness arises partly from fear of the opponents, who have the laws on their side, and partly from the incredulity of men, who do not readily believe in new things until they have had a long experience of them.” ― Niccolò Machiavelli, 1513, The Prince<https://urldefense.com/v3/__https:/www.goodreads.com/work/quotes/1335445__;!!IKRxdwAv5BmarQ!d0YqzCdFkXaCnOrYnq8YJl7cufhxjNFCeN2ODm47nXNDK0KNFf0hSJOPNkDWD7QAEVd0jd3KkuZzVhD4E6p6Rw$>
So, we and the planet are in for a "long experience" with excess CO2 before anything really changes?
Greg
On Tuesday, August 22, 2023, 04:29:24 PM PDT, Dan Miller <d...@rodagroup.com<mailto:d...@rodagroup.com>> wrote:
A few points:
1. I disagree that we need FF for a long time. We can ban ICE cars in 2030, FF electricity in 2035 and almost all FF energy in 2040. Any small amount of FF after that (and before!) would need to be offset with permanent CDR. Note that this phase out of FF will save society trillions of dollars because FF is the most expensive form of energy — by far — when all costs are included, and still more expensive even when climate damage is excluded. As we are learning today, the “external costs” of FF are real and must be paid in Maui and around the world. If you want to help the developing world, then give them renewable energy. FF are a curse for both environmental and financial reasons in the developing world, draining their resources to pay for a constant supply of FF.
2. This whole notion of a moral hazard for CDR assumes there will be no serious action on climate and we will ask FF companies to “pretty please” reduce the amount of product they supply. If we continue to choose to fail then we will, well, fail. But if we choose to take serious action, then it will not be up to FF companies to continue to produce deadly products by greenwashing with CDR. Perhaps, instead, they will turn into real CDR companies because they know for sure that they must ramp down production of FF.
3. I’m concerned that we — climate activists — continue to nibble around the edges of a plan that is doomed to fail. We need to face the fact that the world is taking essentially no serious climate action and try to change that. Subsidizing renewables is great but it does not stop climate change. Phasing out FF helps but there is very little discussion about even thinking about doing that! CDR and SRM are required to prevent >2ºC and other catastrophic tipping points, including a near-term AMOC shutdown, yet we are dilly dallying about those things. The fact that Biden can approve the Willow project and talk about providing shade and water to outdoor workers rather than than actually addressing climate change means there is no leadership on climate. António Guterres is great but no one listens to him. Instead, the head of the UAE oil company is running the upcoming COP! I think if the public understood that there is no one at the wheel, they might demand some level of
real action. As climate damage increases, that day will eventually come, but we need to figure out how to accelerate the call for real climate action.
Dan
On Aug 22, 2023, at 6:02 PM, Seth Miller <setha...@gmail.com<mailto:setha...@gmail.com>> wrote:
The statement “this makes everyone in the CDR community so uncomfortable that they aren’t celebrating…” is an overstatement.
This is fair!
I know that for me personally, I will piss off a lot of friends by cheering for Oxy and CE and the amoral wheels of capitalism. Still, this should be something of a watershed moment? I noticed the same silence that Greg did, and I think he’s right to poke the list to see how everyone is processing this.
-------
Seth Miller, Ph.D.
www.linkedin.com/in/sethmiller2<https://urldefense.com/v3/__http:/www.linkedin.com/in/sethmiller2__;!!IKRxdwAv5BmarQ!d0YqzCdFkXaCnOrYnq8YJl7cufhxjNFCeN2ODm47nXNDK0KNFf0hSJOPNkDWD7QAEVd0jd3KkuZzVhC8LPg9AA$>
Check my blog at: perspicacity.xyz<http://perspicacity.xyz/>
On Aug 22, 2023, at 3:51 PM, Peter Flynn <pcf...@ualberta.ca<mailto:pcf...@ualberta.ca>> wrote:
The statement “this makes everyone in the CDR community so uncomfortable that they aren’t celebrating…” is an overstatement.
Fossil fuels have conveyed staggering benefits to humanity, with late recognition of a serious and terrible consequence not due to the use of energy but rather to the end byproduct of that energy. If the byproduct were to be fully dealt with, then at least one member of the CDR community, me, is comfortable with ongoing use. I can envision a future in which legacy emissions are captured and paid for by DAC primarily funded by those societies that historically created the emissions, and in which ongoing emissions are captured and paid for by DAC paid for by the user of the fuel. If a fossil fuel is economic in the future with full offset….ok by me. There is much suspicion of all energy producers, warranted in my opinion way more for some than others. We are moving to sufficiently accurate measurement and verification to know whether incremental emissions are truly offset. I think our future is better assured if we focus on results and not villains.
Peter
Peter Flynn, P. Eng., Ph. D.
Emeritus Professor and Poole Chair in Management for Engineers
Department of Mechanical Engineering
University of Alberta
Edmonton, Alberta,
|
Tom Goreau <gor...@globalcoral.org>: Aug 23 02:53PM
Governments spent more than a trillion dollars last year subsidizing fossil fuels:
https://www.theguardian.com/environment/2023/aug/23/g20-poured-more-than-1tn-on-fossil-fuel-subsidies-despite-cop26-pledges-report
We call for ALL these perverse subsidies to be immediately redirected towards testing all feasible options for stabilizing climate at safe levels.
Thomas J. F. Goreau, PhD
President, Global Coral Reef Alliance
Chief Scientist, Blue Regeneration SL
President, Biorock Technology Inc.
Technical Advisor, Blue Guardians Programme, SIDS DOCK
37 Pleasant Street, Cambridge, MA 02139
gor...@globalcoral.org
www.globalcoral.org
Skype: tomgoreau
Tel: (1) 617-864-4226 (leave message)
Books:
Geotherapy: Innovative Methods of Soil Fertility Restoration, Carbon Sequestration, and Reversing CO2 Increase
http://www.crcpress.com/product/isbn/9781466595392
Innovative Methods of Marine Ecosystem Restoration
http://www.crcpress.com/product/isbn/9781466557734
Geotherapy: Regenerating ecosystem services to reverse climate change
No one can change the past, everybody can change the future
It’s much later than we think, especially if we don’t think
Those with their heads in the sand will see the light when global warming and sea level rise wash the beach away
“When you run to the rocks, the rocks will be melting, when you run to the sea, the sea will be boiling”, Peter Tosh, Jamaica’s greatest song writer
From: carbondiox...@googlegroups.com <carbondiox...@googlegroups.com> on behalf of David Hawkins <dahaw...@gmail.com>
Date: Wednesday, August 23, 2023 at 8:43 AM
To: Greg Rau <gh...@sbcglobal.net>
Cc: Seth Miller <setha...@gmail.com>, Dan Miller <d...@rodagroup.com>, Peter Flynn <pcf...@ualberta.ca>, Gregory Slater <ten...@gmail.com>, Carbon Dioxide Removal <carbondiox...@googlegroups.com>
Subject: Re: [CDR] Carbon Engineering and 'the moral hazard'
Greg, et al.,
OXY’s CEO has indeed rationalized its investment in CDR as a device to prolong fossil fuel use. The US Congress has indeed to date declined to adopt a comprehensive, economy-wide mandatory GHG emission reduction regime (although the Clean Air Act, enacted in 1970, with relevant amendments as recent as 2022 provides EPA with substantial power to limit GHG emissions from new and existing sources, both stationary and mobile, and this authority has been several times confirmed by our Supreme Court, also as recent as 2022).
Does OXY’s stated motive mean we should oppose the DAC project it is constructing? I don’t think so. OXY’s statement is not at all surprising. The primary audiences are those investors who are still backing Big Fossil and those who are investing in OXY in particular. OXY and other FF companies will no doubt continue to advocate for CDR that is larger than rational and claim that their investments are evidence of their “good faith.”
That’s what they will argue but we who prioritize climate protection have overwhelmingly powerful and stronger arguments. CDR is not an alternative to radical reductions in FF and FF emissions. Those reductions must be the core of any strategy.
Even though CDR may play a modest role, cheaper, more energy efficient CDR is a plus. The DAC subsidies in the IRA are not the best policy but they are a better policy than no policy, if they speed learning for DAC.
To make a strategy that prioritizes emissions reductions a reality, in a democracy we need to assemble the votes to make it law. For some politicians, CDR may give them cover to move from opposition to support of the policies we need.
We will need to fight for terms that keep the focus on emissions reductions and replacement of FF with alternatives. That is a fight worth having and a fight we will win — later than it should have happened but the job now is to deploy all the tools that will help us win the fight more quickly. I believe the OXY project, regardless of the CEO’s rationalization, can help create another useful tool in a complete program to limit climate disruption harms and help us assemble the votes we need to deliver that program.
David
Sent from my iPad
On Aug 23, 2023, at 2:50 AM, Greg Rau <gh...@sbcglobal.net> wrote:
Just to be clear on Oxy motives:
https://www.eenews.net/articles/oil-companies-want-to-remove-carbon-from-the-air-using-taxpayer-dollars/
“ Occidental Petroleum Corp. leader Vicki Hollub has described DAC not as a climate solution but a way to continue producing petroleum<https://www.politico.com/news/2023/03/08/oil-industry-shift-climate-tech-00085853>.
“We believe that our direct capture technology is going to be the technology that helps to preserve our industry over time,” she said at an oil and gas conference earlier this year. “This gives our industry a license to continue to operate for the 60, 70, 80 years that I think it’s going to be very much needed.”
-as I posted on July 17, with lots of followup comments from others. You can sugarcoat this, but the deal is we here in the US can have DAC (and have it hugely subsidized by the US taxpayer) if we agree to prolong FF. All other CDR (that might be cheaper, faster, better, higher capacity in net consuming air CO2, but doesn't serve the FF industry) can find their own partons and votes in Congress. The interesting exception to this is Climeworks, but even they couldn't resist the US DAC feeding trough: https://climeworks.com/news/u.s.-doe-selects-all-three-dac-hub-proposals-climeworks-participates-in
It's again time for my annual posting of this little observation from the distant past:
“It ought to be remembered that there is nothing more difficult to take in hand, more perilous to conduct, or more uncertain in its success, than to take the lead in the introduction of a new order of things. Because the innovator has for enemies all those who have done well under the old conditions, and lukewarm defenders in those who may do well under the new. This coolness arises partly from fear of the opponents, who have the laws on their side, and partly from the incredulity of men, who do not readily believe in new things until they have had a long experience of them.” ― Niccolò Machiavelli, 1513, The Prince<https://www.goodreads.com/work/quotes/1335445>
So, we and the planet are in for a "long experience" with excess CO2 before anything really changes?
Greg
On Tuesday, August 22, 2023, 04:29:24 PM PDT, Dan Miller <d...@rodagroup.com> wrote:
A few points:
1. I disagree that we need FF for a long time. We can ban ICE cars in 2030, FF electricity in 2035 and almost all FF energy in 2040. Any small amount of FF after that (and before!) would need to be offset with permanent CDR. Note that this phase out of FF will save society trillions of dollars because FF is the most expensive form of energy — by far — when all costs are included, and still more expensive even when climate damage is excluded. As we are learning today, the “external costs” of FF are real and must be paid in Maui and around the world. If you want to help the developing world, then give them renewable energy. FF are a curse for both environmental and financial reasons in the developing world, draining their resources to pay for a constant supply of FF.
2. This whole notion of a moral hazard for CDR assumes there will be no serious action on climate and we will ask FF companies to “pretty please” reduce the amount of product they supply. If we continue to choose to fail then we will, well, fail. But if we choose to take serious action, then it will not be up to FF companies to continue to produce deadly products by greenwashing with CDR. Perhaps, instead, they will turn into real CDR companies because they know for sure that they must ramp down production of FF.
3. I’m concerned that we — climate activists — continue to nibble around the edges of a plan that is doomed to fail. We need to face the fact that the world is taking essentially no serious climate action and try to change that. Subsidizing renewables is great but it does not stop climate change. Phasing out FF helps but there is very little discussion about even thinking about doing that! CDR and SRM are required to prevent >2ºC and other catastrophic tipping points, including a near-term AMOC shutdown, yet we are dilly dallying about those things. The fact that Biden can approve the Willow project and talk about providing shade and water to outdoor workers rather than than actually addressing climate change means there is no leadership on climate. António Guterres is great but no one listens to him. Instead, the head of the UAE oil company is running the upcoming COP! I think if the public understood that there is no one at the wheel, they might demand some level of
real action. As climate damage increases, that day will eventually come, but we need to figure out how to accelerate the call for real climate action.
Dan
On Aug 22, 2023, at 6:02 PM, Seth Miller <setha...@gmail.com> wrote:
The statement “this makes everyone in the CDR community so uncomfortable that they aren’t celebrating…” is an overstatement.
This is fair!
I know that for me personally, I will piss off a lot of friends by cheering for Oxy and CE and the amoral wheels of capitalism. Still, this should be something of a watershed moment? I noticed the same silence that Greg did, and I think he’s right to poke the list to see how everyone is processing this.
-------
Seth Miller, Ph.D.
www.linkedin.com/in/sethmiller2
Check my blog at: perspicacity.xyz
On Aug 22, 2023, at 3:51 PM, Peter Flynn <pcf...@ualberta.ca> wrote:
The statement “this makes everyone in the CDR community so uncomfortable that they aren’t celebrating…” is an overstatement.
Fossil fuels have conveyed staggering benefits to humanity, with late recognition of a serious and terrible consequence not due to the use of energy but rather to the end byproduct of that energy. If the byproduct were to be fully dealt with, then at least one member of the CDR community, me, is comfortable with ongoing use. I can envision a future in which legacy emissions are captured and paid for by DAC primarily funded by those societies that historically created the emissions, and in which ongoing emissions are captured and paid for by DAC paid for by the user of the fuel. If a fossil fuel is economic in the future with full offset….ok by me. There is much suspicion of all energy producers, warranted in my opinion way more for some than others. We are moving to sufficiently accurate measurement and verification to know whether incremental emissions are truly offset. I think our future is better assured if we focus on results and not villains.
Peter
Peter Flynn, P. Eng., Ph. D.
Emeritus Professor and Poole Chair in Management for Engineers
Department of Mechanical Engineering
University of Alberta
Edmonton, Alberta, Canada
1 928 451 4455
peter...@ualberta.ca<mailto:peter...@ualberta.ca>
From: carbondiox...@googlegroups.com<mailto:carbondiox...@googlegroups.com> <carbondiox...@googlegroups.com<mailto:carbondiox...@googlegroups.com>> On Behalf Of Seth Miller
Sent: Tuesday, August 22, 2023 3:33 PM
To: Gregory Slater <ten...@gmail.com<mailto:ten...@gmail.com>>
Cc: Carbon Dioxide Removal <CarbonDiox...@googlegroups.com<mailto:CarbonDiox...@googlegroups.com>>
Subject: Re: [CDR] Carbon Engineering and 'the moral hazard'
Greg, you didn’t miss anything.
I think the lessons here are that:
1. Oxy is 100% serious about going bit into DAC, using government funded carbon credits in order to extend their existing oil business
2. This makes everyone in the CDR community so uncomfortable that they aren’t celebrating this out loud
Peter Eisenberger wrestled with the uncomfortable part in another thread, which everyone should totally read, but I’ll quote below with formatting cleaned up slightly:
1. One cannot ask or get the developing world to stop using fossil fuels or make their energy costs higher while their people do not have their basic needs met
2. Even as shown in europe for the developed world stopping to use fossil fuels is not feasible
3. That any industrial revolution has a long transition period - parts of the world are still using wood
4. The energy industry is the only industry that has the experience and capability to make the transition in the time needed
5. Acknowledging the above rather than arguing for stopping fossil fuel now and villainizing the energy industry is needed to reach a global accord and coordination needed to make the transition away from fossil fuels and a natural resource based economy to a Renewable Energy and Materials Economy happen as quickly as possible
Oxy’s decision to pay $1.1 billion for a company with no revenue, and whose technology is still several years away from generating revenue, is bold. It would be unthinkably risky if it did not also offer some hope of extending Oxy's existing oil business. Oxy generates about $20B in profits each year, so even if there is a small chance this purchase of forestalling regulation or obsolescence, they should make the bet.
If nothing else, Oxy seems to be able to think rationally. Oxy has said they are planning to build 100 metago/yr-ish scale DAC facilities globally by 2035. I think the smart money right now is that they intend to follow through. This is obviously contingent on global markets for carbon credits, and Oxy can decide to reverse its investments later. But also, their ambitions are entirely achievable. See Peter’s (4) above in particular.
Is 100 megaton-scale DAC plants bad? I think that yes, the US’s climate credit policy gives some payout to people who don’t give a damn about climate. I also can’t think of an incentive plan that doesn’t have some perverse side effects, and yet we still incentivize and invest. It is very early in 2023 to be saying that we know that this particular set of incentives are bad, or good. Climate is a long game. It seems wrong to judge an investment by its outcome today.
Oxy, being the cold-blooded, rational capitalists they are, is making a bet that might not pay out, but will pay off well if it does. Maybe that last bit is the lesson here. Yes, there is risk to the climate movement that the bet in DAC will go totally sideways. But we are in a crisis. Our future livelihood is threatened. In that context, isn’t it worth taking risk?
I think ambivalence and caution are justified, but it’s worthwhile to put out an audible “yay!” here.
Seth
-------
Seth Miller, Ph.D.
www.linkedin.com/in/sethmiller2<http://www.linkedin.com/in/sethmiller2>
Check my blog at: perspicacity.xyz<http://perspicacity.xyz/>
On Aug 22, 2023, at 2:21 PM, Gregory Slater <ten...@gmail.com<mailto:ten...@gmail.com>> wrote:
All,
Maybe I am just bad at searching the site, but I haven't found much discussion of the recently announced sale of David Keith's 'Carbon Engineering' to Occidental Petroleum for ~$1.1 billion. This announcement came only days after Biden announced hi intent to ask for ~$1.2 billion in aid for two CDR demo plants in Texas and Louisiana. I suppose I should be just grateful as hell that you can sell a pocket CDR test facility for a billion dollars, but I don't trust Occidental's motives in doing this. If selling a CDR company to big oil at this stage doesn't involve the specter of 'moral hazard', then there's no such thing as a moral hazard (which is constantly laid on SAI). Occidental is incentivized to put as much CO2 in the atmosphere as possible so they can make even more money pulling it all out. Gore even had a
|