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The resources going into carbon capture aren't the same resources going into renewable? The scale is also completely different. Bloomberg says global investmen
by icegreentea2 2y ago
The resources going into carbon capture aren't the same resources going into renewable? The scale is also completely different.
Bloomberg says global investment in carbon capture in 2022 was like $6.4 billion (https://about.bnef.com/blog/carbon-capture-investment-hits-record-high-of-6-4-billion/ https://about.bnef.com/blog/carbon-capture-investment-hits-r...).
Bloomberg also says that global renewable investment in the first 6 months of 2023 was $358 billion (https://about.bnef.com/blog/renewable-energy-investment-hits-record-breaking-358-billion-in-1h-2023/ https://about.bnef.com/blog/renewable-energy-investment-hits...)
Conversion of all carbon capture investment into more solar or wind capacity would not significantly move the needle on rate of renewable growth.
Effectively all carbon capture investment right now is basically in the pilot phase. Governments are sinking money into carbon capture for a broad range of reasons, including cynical (as a smokescreen to protect fossil fuel industries) to optimistic (we can start investing in the next step of net-zero since renewable trajectories look good) to being realistic hedges (they see the challenges in achieving net zero in certain fields like aviation, shipping, construction, and believe that carbon capture is what is necessary to achieve net-zero).