As fear of climate change continues to grow, large oil companies are receiving more and more flak for their role in the runaway problem. In the wake of the growing issue, some of these companies have actually begun investing in carbon removal technology. Chevron, Occidental Petroleum, and BHP have all invested in a start-up Candian firm "Carbon Engineering". This firm is in the process of developing technology to remove carbon currently in our atmosphere. The firm is testing enormous fans that suck air into scrubbing vessels that remove carbon dioxide. The CO2 would then either be buried or converted into synthetic fuel.
BHP's VP for sustainability and climate change states “This is about recognizing that climate change poses significant risks to all economic sectors. Climate change is no longer seen as a fringe issue. It’s a business risk that requires a business response.” While these large companies are confirming the threat of climate change they are not necessarily accepting responsibility for their involvement and contribution towards the problem. These same companies continue to extract fossil fuels and lobby for deregulation and further exploration rights. While it is a good sign that more investments are being made into clean environmental technology it is interesting to think about the oil firms' motives. Are they making the investments to save face and satisfy public pressure or are they actually interested in the developing and incorporating the technology into their own business to prepare for a changing world? Most likely it is somewhere in between.
https://www.nytimes.com/2019/04/07/business/energy-environment/climate-change-carbon-engineering.html
2 comments:
I would have to agree with Aidan. I do believe it's somewhere in between. I think it's really important that we have acknowledged the severity of climate change. It will continue to be an issue unless we start making some changes. Of course everyone wants to think they are doing it for the right reason but thats just not case sometimes. At this point I don't think motives are our biggest concern. We need change now.
I think that this is a great step forward for all parties involved. Big Oil companies continue to find a way to stay relevant and keep their power while doing something good. Hopefully there is some government regulation that limits the total amount of CO2 put into the air because I can see these big oil companies doubling up and producing twice as many emissions because they are removing some. Potentially this technology could keep a level world temperature and stop climate change all together. Somehow these oil companies will find a way to tilt the sides to their favor in order to continue making money.
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