Though increasingly framed as a key way to slow climate change, for most commercial Carbon Capture and Sequestration (CCS) operations, selling the carbon they capture to produce more fossil fuels through Enhanced Oil Recovery (EOR) production is the only way they can ensure profits for investors. According to a count by the Global CCS Institute, of the 28 currently operable CCS complexes worldwide, 22 rely on EOR as their back end “storage” system. CCS advocates hope that under the right public policy regimes, this profit-making motive will help scale up CCS operations while driving costs down. Getting the public onboard means selling CCS as a way to prevent climate change, but who pays when they fail? L. Michael Buchsbaum reviews one of 2020’s biggest CCS disasters as the fourth part of the on-going Seduction series.
All posts tagged: Gas
Seduction Pt III: Carbon Capture’s expensive failure to capture carbon
As many nations develop net-zero carbon plans both to honor the Paris Climate Agreement and address the climate crisis, many are leaning heavily upon unproven and misunderstood Carbon Capture and Sequestration (CCS) technologies. Despite billions of dollars spent in research and development, it’s unclear how much environmental progress is actually achieved by CCS. Not only is there little accurate data around how much carbon has really been buried, but there’s reason to believe CCS will actually increase overall greenhouse gas emissions. In the third part of his “Seduced by CCS” series, L. Michael Buchsbaum reviews CCS’ math and how utilizing it to produce more oil only makes things worse.
Natural Gas is a Bridge to Nowhere
Natural gas has long been touted as the climate-friendly, carbon-low interim fuel in the transition from fossil fuels to renewables. And the recent fall in its price has made gas a go-to fuel for many countries, including Germany. But experts say this is no reason to build ever more pipelines or to see gas as anything more than another fossil fuel that must be phased out as quickly as possible. Paul Hockenos reports.
Vaca Muerta: Holding on to fracking subsidies instead of boosting the energy transition
The major shale oil and shale gas deposit Vaca Muerta (in English also: Dead Cow) covers a 30,000 square kilometers area located in three Argentinian provinces Neuquén, Mendoza and Rio Negro. According to the US Energy Information Administration, Vaca Muerta has a total of recoverable gas resources of 308 tcf (8.7 billion m3) and a recoverable oil and condensate of 16 billion barrels (2.5 billion liters), making it the world’s second-largest shale gas and oil deposit. A project of great political-economic interest, but also counterparted by the social and environmental impact inherent to the extraction of non-conventional gas and oil by fracking. And even further than that: while the world is turning to decarbonisation, successive Argentine governments have been persisting on succeeding their fossil energy models. Maximiliano Proaño Ugalde reports
Global Decarbonization after Covid-19: Strategic Options for Kazakhstan
In addition to other profound impacts, the corona virus has offered global energy markets an unprecedented natural experiment. Collapsing demand for conventional energy fuels and inelastic supply responses have depressed oil prices that are now being incorporated into forward energy planning. This adverse investment accelerator effect is now expected to bring forward the so-called “peak oil” milestone, significantly shortening the profitable lifecycle of known oil reserves.[1] Thus a global health crisis has given us only a foretaste of what we can expect over a longer time horizon, as climate risk continues a slower but more inexorable ascent. Simply put, the rising social cost of carbon will exert the same effect on conventional energy demand, compounded by the emergence of ever more affordable renewable substitutes. Furthermore, the international push for a ‘green recovery‘ in the aftermath of the pandemic is perceived to hasten the end of the oil era. Oyuna Baldakova and David Roland-Holst report
The Hydra has many heads: ExxonMobil perversely profits from climate change
Months after global prices collapsed, oil and gas behemoth Exxon Mobil is facing unprecedented losses. While publicly struggling to adjust to new realities, behind the scenes Exxon is coopting messaging around climate change to steer lucrative tax subsidies towards expanding dubious carbon capture and sequestration (CCS) projects that will only help them produce more oil and gas. Worse, as Covid-ravaged Americans cued their cars into miles long food lines, Trump ensured relief funds went not to them, but to Exxon instead. In the same way that Big Oil didn’t become ubiquitous gently, they will not go gently into their good nights either. L. Michael Buchsbaum reviews how one of the largest global carbon polluters is using Covid-19 and climate change to enrich itself.
Tremendous, but untapped potential: a Green Recovery for Latin America
During the last months, Latin America has become the main COVID-19 focus worldwide. In early September, the region concentrated more than 27% of the COVID-19 cases globally and 31% of its deaths. High rates of inequality and poverty, failures in the health system and political instability are the main reasons for this dramatic situation. And it seems to get worse in the upcoming years: according to the UN COVID-19 will result in the worst recession in the region in a century, causing a 9.1% contraction in regional GDP in 2020. Consequently, the number of poor could increase by 45 million (to 230 million in total) and the number of extremely poor by 28 million (to 96 million in total). As political and social instability has already characterized 2019, the risk of a period of human rights violations and a lack of democracy is real. Maximiliano Proaño reports
US fracked LNG and Russian gas via Nord Stream 2: Germany’s double game heats up both geopolitics and the climate
Away from coal! The need to get out of coal is now clear for everyone. But do we need instead more piped gas and LNG – liquified natural gas? Andy Gheorghiu reports
Fracked up: The Link between Plastic, Fossil Gas and Methane Pollution. Pt.I
In May, the Heinrich-Böll-Stiftung, Environmental Action Germany (DUH), and Food and Water Europe organized online conferences entitled “Fracking, Plastics, Methane Emissions and the Gas Lobby” to better explain the connection between them and climate crisis. The first of the two drew upon startling new satellite data explained by globally renowned methane and fracking expert, Prof. Robert Howarth from Cornell University. In his presentation, he detailed how the ongoing fuel switch from coal to gas has likely worsened the overall climate. Other speakers, including two Members of the European Parliament (MEPs), several environmental attorneys, and other fracking activists discussed continuing gas lobbying efforts to “greenwash” uninformed MEPs and the general public. Now available for streaming, the first webinar-debate provided a welcome space for an informed discussion around fossil gas policies, many of which ignore established science in favor of economic and political expediency—our L. Michael Buchsbaum reviews.
Renewables: The End of Energy Globalization?
Over the last two centuries, energy trade has become increasingly global. Where wood was found and used locally, coal was mined and transported nationally, and oil emerged as a global commodity. Natural gas is also moving from regional markets to the global shipping of LNG. The same holds for energy demand, which is growing and shifting Southward, away from traditional OECD markets, to China, India, South-East Asia and Africa, as the International Energy Agency (IEA) confirms in its findings. Renewable energy harbors a number of characteristics that could potentially end this trend of increasingly global energy trade. Just Voskuyl and Daniel Scholten take a critical look at the bigger picture.