Is it profitable to capture CO2?
As a society, we must accept CO2 capture and storage as an activity on a par with waste management or wastewater treatment. It is not a business that sells a profit-making product, but a service that companies must pay to use.
The problem is that for too long it has been a free ride: everyone has been allowed to emit CO2 without having to pay for it, which we now realize was unwise. By introducing legislation that requires companies to pay to get rid of something that otherwise damages the climate, it suddenly becomes profitable for companies to bid on the task of capturing and storing CO2.
Why aren't we already capturing CO2 on a large scale?
It is a notorious problem for investment in climate technology that it always ends up taking a back seat. In the 2000s, there was generally a lot of focus on CO2 capture and the climate. But then a financial crisis suddenly got in the way, and a few years ago a war machine got in the way, and suddenly military hardware became a higher priority.
I get it as it is difficult to argue for long-term investment in CO2 capture when someone wants to bomb your house. But on the other hand, we cannot keep waiting.
We must deal with several threats at once, and no matter what else happens in the world, we know that the price of not doing enough to save the climate will be, for example, some very real and expensive floods.
Fortunately, Denmark has stuck to its political decision to reduce greenhouse gases by 70 percent by 2030, despite everything else that is going on. However, I am concerned that politicians are forgetting to invest in the research needed for the green transition.
Does the seriousness of the situation call for us to try out some wilder ideas to save the climate?
In fact, a lot of ideas have been conceived in the field of geoengineering, which covers, among other things, technical interventions aimed at influencing the climate. CO2 capture and storage falls within this field.
But it is a balancing act, because in a way the situation requires us to think big and come up with wild ideas—and at the same time we must be careful not to save the climate at the expense of the environment.
Some have, for example, suggested releasing sulphur into the atmosphere to create clouds. We know that this reduces the temperature on Earth, because it sometimes happens when we have a volcanic eruption. But it is crazy, because it will cause acid rain. So, we will have saved the climate and destroyed the environment. That is not a lifeline for our planet.
I believe we should focus on technologies that are not crazy. In my view, it is therefore prudent for the authorities to work on getting more CO2 capture plants up and running in Denmark—because we know it works! And then we must hope there are players who will bid for the task under the current conditions, or that the framework for the task will be changed so that someone ends up taking it on.