Lehigh Hanson Inc., one of the largest concrete makers in the US, says early this year it will start running a new cement plant in Mitchell, Indiana, that could capture 95% of its carbon dioxide emissions by 2028. If successful, the project would demonstrate that one of the world’s most polluting industries can go almost carbon neutral.
Air Products Inc., in Allentown, Pennsylvania, is starting work on a $4.5 billion facility just south of Baton Rouge, Louisiana, that could become the world’s biggest carbon sequestration operation.
CarbonCapture Inc., in Los Angeles, expects to pull 5 million metric tons of CO2 a year directly from the air by the end of the decade. Similarly, Drax Group, a British-based bioenergy and carbon capture company, is taking investors’ money for plants that would suck 12 million metric tons of CO2 out of the atmosphere.
Carbon capture and storage (CCS) refers to processes that separate CO2 from other gases (such as nitrogen and oxygen) and sequester the CO2 to keep it out of Earth’s atmosphere. Humans have been doing this for decades but not at anywhere near the rate that could help stop the planet from catastrophically overheating. It simply would’ve cost too much.
The IRA, passed by Congress in August, includes major revisions to the 45Q carbon capture and storage tax credit that should change this math. “Show me the money, and we’ll show you the projects,” says John Thompson, a director at the Clean Air Task Force, an environmental research group in Boston. “That’s what’s happening now.”
This story is from the January 16, 2023 edition of Bloomberg Businessweek US.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January 16, 2023 edition of Bloomberg Businessweek US.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Instagram's Founders Say It's Time for a New Social App
The rise of AI and the fall of Twitter could create opportunities for upstarts
Running in Circles
A subscription running shoe program aims to fight footwear waste
What I Learned Working at a Hawaiien Mega-Resort
Nine wild secrets from the staff at Turtle Bay, who have to manage everyone from haughty honeymooners to go-go-dancing golfers.
How Noma Will Blossom In Kyoto
The best restaurant in the world just began its second pop-up in Japan. Here's what's cooking
The Last-Mover Problem
A startup called Sennder is trying to bring an extremely tech-resistant industry into the age of apps
Tick Tock, TikTok
The US thinks the Chinese-owned social media app is a major national security risk. TikTok is running out of ways to avoid a ban
Cleaner Clothing Dye, Made From Bacteria
A UK company produces colors with less water than conventional methods and no toxic chemicals
Pumping Heat in Hamburg
The German port city plans to store hot water underground and bring it up to heat homes in the winter
Sustainability: Calamari's Climate Edge
Squid's ability to flourish in warmer waters makes it fitting for a diet for the changing environment
New Money, New Problems
In Naples, an influx of wealthy is displacing out-of-towners lower-income workers