By Michael Molinski
SÃO PAULO (Callaway Climate Insights) — While the rest of the world is building out a new industry called carbon capture, Brazil oil giant Petrobras has been quietly building its own carbon capture facility that has been pumping carbon dioxide back into its offshore oil fields at a rate of 8.7 million tons per year.
That’s about 20% of the world’s current reinjected CO₂ volume.
Carbon capture, utilization and storage, or CCUS, is an emissions reduction technology that can be applied across not only the energy system but also in mining, agriculture, waste management and other industries.
Already a long list of industry leaders like Exxon Mobil $XOM , Occidental Petroleum $OXY , Archer Daniels Midland $ADM , and Air Products $APD are lining up to grab a slice of the market. While the carbon capture market only amounted to $2 billion in 2021, Occidental estimates it will grow to $50 billion a year by 2030.
But the nascent industry is not without its problems and controversies…
Subscribe to Callaway Climate Insights to keep reading this post and get 7 days of free access to the full post archives.
Essential Tips for Investing: Sponsored
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
