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Big Oil's Carbon Capture Conundrum [Yahoo! Finance]
Last chevron corporation earnings: 5/1 06:45 am
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US:NYSE Investor Relations: chevron.com/investors
Despite being some of the biggest carbon emitters, many oil and gas majors are optimistic they can dramatically reduce their emissions by using carbon capture and storage (CCS) technology. This is, realistically, one of the few ways that oil and gas companies can reduce while keeping their fossil fuel output high. However, energy experts and environmentalists are now worried that Big Oil is becoming overly reliant on CCS tech instead of striving for meaningful change towards a green transition. CCS technology has been around for years but has so far not succeeded in capturing carbon dioxide at the rate required to decarbonise large-scale hard-to-abate operations. Companies and governments worldwide have pumped huge quantities of funding into CCS in recent years in a bid to develop the technology required to effectively capture and store huge amounts of CO2 from industrial and oil and gas operations. However, scientists are still uncertain about whether today's technology can capture
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