Oil Majors’ Carbon Capture Plans Dubbed a ‘Dangerous Delusion’
The technology is considered among the most-controversial climate solutions by green groups.
Fossil fuel production, processing, and combustion is responsible for 90% of global CO2 emissions and 35% of methane emissions.
Photographer: SeongJoon Cho/BloombergOil executives betting they’ll be able to meet net zero emissions goals by relying on carbon-capture technology are deluding themselves, according to an influential group of corporate bosses, bankers and academics.
The Energy Transitions Commission, whose members include senior representatives from BP Plc and Bank of America Corp., says the role of carbon capture, utilization and storage (CCUS) in slashing emissions will be “vital but limited.” However, any carbon-intensive company assuming that CCUS is a license to continue expanding production, while holding on to net zero goals, is basing its business model on “a dangerous delusion,” the ETC said in a report published Thursday.