While energy efficiency and renewables are central pillars, additional technologies are needed to achieve net-zero emissions.
One of those new technologies that is receiving attention is direct air capture (DAC), a methodology that extracts CO2 directly from the atmosphere at any location, unlike carbon capture which is generally carried out at the point of emissions, such as a steel plant.
The CO2 can then be permanently stored in deep geological formations or used for a variety of applications.
Capturing CO2 from the air is the most expensive application of carbon capture. The CO2 in the atmosphere is much more dilute than in, for example, flue gas from a power station or a cement plant. This contributes to DAC’s higher energy needs and costs relative to these applications.
Still, many net-zero advocates are convinced DAC can be extremely useful. In fact, 27 DAC plants have been commissioned to date worldwide, capturing almost 0.01 Mt CO2/year.
Plans for at least 130 DAC facilities are now at various stages of development. If all were to advance (even those only at the concept stage), DAC deployment would reach the level required in 2030 under the Net Zero Emissions by 2050 (NZE) Scenario, or around 75 MtCO2/year.
Lead times for DAC plants range from two to six years, suggesting that deployment in line with the NZE Scenario could be achieved with adequate policy support. However, most of the facilities announced to date are at very early stages of development, and cannot be expected to reach final investment decision (FID) and operational status without continued development of market mechanisms and policies to create demand for the CO2 removal service they would provide.
There’s also considerable government and private investor support for DAC plants. Support for DAC has come from programs such as X-Prize (offering up to $100 million for as many as four promising carbon removal proposals, including DAC) and Breakthrough Energy’s Catalyst program which raises money from philanthropists, governments and companies to invest in critical decarbonization technologies.
Just last year, Lowercarbon Capital Fund announced its intention to invest $350 million in startups developing technology-based CDR solutions. Private investment rounds have also been successful. In 2022 Climeworks raised the largest-ever DAC investment, equivalent to $650 million.
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