Climate Threat Global Challenges

The New Industry Everyone Is Competing Over: Carbon Capture

As countries continue to pump out fossil fuels at a rapid pace, investors are competing to finance the emerging market for carbon capture, writes the New York Times.

Before 2018, there was hardly a single company investing in the technology. But since then, the industry has raised more than $5 billion. The Canadian-based company Deep Sky, for example, has received more than $50 million in investment.

“The industry has more tailwinds than most other industries I’ve ever looked at,” says CEO Damien Steel.

Critics, however, argue that carbon capture is a dangerous distraction that perpetuates the behavior that caused the climate crisis.

“It will increase fossil fuel production, there’s no doubt about that,” says Mark Z. Jacobson, a professor of environmental engineering at Stanford University.