Carbon capture is expected to play a pivotal role in the race to net zero emissions. But not everyone agrees

Published

4 years ago

July 20, 2021

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A detail of the pilot carbon dioxide (CO2) capture plant is pictured at Amager Bakke waste incinerator in Copenhagen on June 24, 2021.

IDA GULDBAEK ARENTSEN | AFP | Getty Images

LONDON — Carbon capture technology is often held up as a source of hope in reducing global greenhouse gas emissions, featuring prominently in countries’ climate plans as well as the net-zero strategies of some of the world’s largest oil and gas companies.

The topic is divisive, however, with climate researchers, campaigners and environmental advocacy groups arguing that carbon capture technology is not a solution.

The world is confronting a climate emergency, and policymakers and chief executives are under intensifying pressure to deliver on promises made as part of the landmark Paris Agreement. The accord, ratified by nearly 200 countries in 2015, is seen as critically important in averting the worst effects of climate change.

Carbon capture, utilization and storage — often shortened to carbon capture technology or CCUS — refers to a suite of technologies designed to capture carbon dioxide from high-emitting activities such as power generation or industrial facilities, that use either fossil fuels or biomass for fuel.

The captured carbon dioxide, which can also be captured directly from the atmosphere, is then compressed and transported via pipeline, ship, rail or truck to be used in a range of applications or permanently stored underground.

There are a number of reasons why carbon capture is a false climate solution. The first and most fundamental of those reasons is that it is not necessary.

Carroll Muffett

Chief executive at the Center for International Environmental Law

Proponents of these technologies believe they can play an important and diverse role in meeting global energy and climate goals.

Carroll Muffett, chief executive at the non-profit Center for International Environmental Law (CIEL), is not one of them. “There are a number of reasons why carbon capture is a false climate solution. The first and most fundamental of those reasons is that it is not necessary,” he told CNBC via telephone.

“If you look at the history of carbon capture and storage, what you see is nearly two decades of a solution in search of a cure.”

‘Unproven scalability’

Some CCS and CCUS facilities have been operating since the 1970s and 1980s when natural gas processing plants in south Texas began capturing carbon dioxide and supplying the emissions to local oil producers for enhanced oil recovery operations. The first one was set up in 1972.

It wasn’t until several years later that carbon capture technology would be studied for climate mitigation purposes. Now, there are 21 large-scale CCUS commercial projects in operation worldwide and plans for at least 40 new commercial facilities have been announced in recent years.

A report published by CIEL earlier this month concluded that these technologies are not only “ineffective, uneconomic and unsafe,” but they also prolong reliance on the fossil fuel industry and distract from a much-needed pivot to renewable alternatives.

Employees near the CO2 compressor site at the Hawiyah Natural Gas Liquids Recovery Plant, operated by Saudi Aramco, in Hawiyah, Saudi Arabia, on Monday, June 28, 2021. The Hawiyah Natural Gas Liquids Recovery Plant is designed to process 4.0 billion standard cubic feet per day of sweet gas as pilot project for Carbon Capture Technology (CCUS) to prove the possibility of capturing C02 and lowering emissions from such facilities.

Maya Siddiqui | Bloomberg | Getty Images

“The unproven scalability of CCS technologies and their prohibitive costs mean they cannot play any significant role in the rapid reduction of global emissions necessary to limit warming to 1.5°C,” the CIEL said, referring to a key aim of the Paris Agreement to limit a rise in the earth’s temperature to 1.5 degrees Celsius above pre-industrial levels.

“Despite the existence of the technology for decades and billions of dollars in government subsidies to date, deployment of CCS at scale still faces insurmountable challenges of feasibility, effectiveness, and expense,” the CIEL added.

Earlier this year, campaigners at Global Witness and Friends of the Earth Scotland commissioned climate scientists at the Tyndall Centre in Manchester, U.K. to assess the role fossil fuel-related CCS plays in the energy system.

The peer-reviewed study found that carbon capture and storage technologies still face numerous barriers to short-term deployment and, even if these could be overcome, the technology “would only start to deliver too late.” Researchers also found that it was incapable of operating with zero emissions, constituted a distraction from the rapid growth of renewable energy “and has a history of over-promising and under-delivering.”

In short, the study said reliance on CCS is “not a solution” to confronting the world’s climate challenge.

Carbon capture is ‘a rarity’ in Washington

Not everyone is convinced by these arguments, however. The International Energy Agency, an influential intergovernmental group, says that while carbon capture technology has not yet lived up to its promise, it can still offer “significant strategic value” in the transition to net zero.

“CCUS is a really important part of this portfolio of technologies that we consider,” Samantha McCulloch, head of CCUS technology at the IEA, told CNBC via video call.

The IEA has identified four key strategic roles for the technologies: Addressing emissions from energy infrastructure, tackling hard-to-abate emissions from heavy industry (cement, steel and chemicals, among others), natural gas-based hydrogen production and carbon removal.

For these four reasons, McCulloch said it would be fair to describe CCUS as a climate solution.

At present, CCUS facilities around the world have the capacity to capture more than 40 million metric tons of carbon dioxide each year. The IEA believes plans to build many more facilities could double the level of CO2 captured globally.

“It is contributing but not to a scale that we envisage will be needed in terms of a net-zero pathway,” McCulloch said. “The encouraging news, I think, is that there has been very significant momentum behind the technology in recent years and this is really reflecting that without CCUS it will be very difficult — if not impossible — to meet net-zero goals.”

Electricity pylons are seen in front of the cooling towers of the coal-fired power station of German energy giant RWE in Weisweiler, western Germany, on January 26, 2021.

INA FASSBENDER | AFP | Getty Images

Meanwhile, the American Petroleum Institute, the largest U.S. oil and gas trade lobby group, believes the future looks bright for carbon capture and utilization storage.

The group noted in a blog post on July 2 that CCUS was a rare example of something that is liked by “just about everyone” in Washington – Democrats, Republicans and Independents alike.

Where do we go from here?

“Frankly, tackling climate change is not the same as trying to bring the fossil fuel industry to its knees,” Bob Ward, policy and communications director at the Grantham Research Institute on Climate Change at the London School of Economics, told CNBC via telephone.

“If the fossil fuel companies can help us get to net zero then why wouldn’t we want them to do that? I think too many environmental groups have conflated their dislike of oil and gas companies with the challenge of tackling climate change.”

When asked why carbon capture and storage schemes should be in countries’ climate plans given the criticism they receive, Ward replied: “Because if we are going to get to net zero by 2050, we have to throw every technology at this problem … People who argue that you can start ruling out technologies because you don’t like them are those who, I think, haven’t understood the scale of the challenge we face.”

The CIEL’s Muffett rejected this suggestion, saying proponents of carbon capture technologies are increasingly reliant on this kind of “all of the above” argument. “The answer to it is surprisingly easy: It is that we have a decade to cut global emissions in half and we have just a few decades to eliminate them entirely,” Muffett said.

“If on any reasonable examination of CCS, it costs massive amounts of money but doesn’t actually reduce emissions in any meaningful way, and further entrenches fossil fuel infrastructure, the question is: In what way is that contributing to the solution as opposed to diverting time and energy and resources away from the solutions that will work?”

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First month on record: fossil fuels drop below 50% of US power mix

Published

3 hours ago

April 4, 2025

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First month on record: fossil fuels drop below 50% of US power mix

Fossil fuels just hit a record low in the US electricity mix last month, while solar and wind soared to all-time highs, according to fresh data from global energy think tank Ember.

In March 2025, fossil fuels accounted for less than 50% – 49.2% – of electricity generated for the first month on record. This beats the previous monthly record low of 51% set in April 2024.

“This clearly demonstrates the growing role of wind and solar in the US energy system,” said Nicolas Fulghum, senior analyst at global energy think tank Ember. “This is a first signal that the US is approaching a tipping point where clean power takes the lead over fossil generation, and where the importance of coal and gas inevitably starts to fade.”

What this means is that clean energy generated more than half – 50.8% – of US electricity for the first month on record. The record was driven by a surge in wind and solar power, which hit a new high of 24.4% of US electricity in March 2025.

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In March 2025, US solar increased an astonishing 37% (+8.3 TWh) compared to March 2024. Wind increased by 12% (+5.7 TWh). Together, wind and solar reached an all-time high, generating 83 TWh of US electricity, 11% higher than the previous record of 75 TWh set in April 2024. Fossil fuel generation fell by 2.5% (-4.3 TWh) compared to March 2024.

The milestone is the result of a long-term decline of fossil generation in the US power sector, with wind and solar growing substantially over the last decade. In March 2015, fossil generation still provided 65% of US electricity generation. Wind and solar generation stood at just 5.7%. Since then, the share of wind and solar power has more than quadrupled.

“Wind and solar power are pushing fossil fuels out of the mix,” said Fulghum. “The reality on the ground is not one of a return to fossil fuels in the US, it’s the continued growth of solar and wind power that will be the dominant driver of electricity generation growth in the US.”

Solar power is set to account for more than half of new generating capacity installed in the US in 2025, with more than a third of new solar panels going to Texas. Solar adoption has exploded in just a decade. In March 2015, solar power accounted for just 1% of US electricity generation. By March 2025, it’s grown to 9.2%.

Last month, Ember published the report “US Electricity 2025,” which covered changes and trends in the US power sector in 2024. Solar was the fastest and largest growing source of electricity in the US in 2024. Wind and solar combined rose to a record 17% of the US electricity mix in 2024, overtaking coal for the first time, which accounted for 15%.

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All the EVs (and PHEVs) you can buy with 0% financing in April 2025

Published

5 hours ago

April 4, 2025

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All the EVs (and PHEVs) you can buy with 0% financing in April 2025

Ford Mustang Mach-E gets price cut PLUS zero % interest

Lease deals get all the hype, but most people still want to own the car after they’re done making all those payments on it. If that sounds like you, and you’ve been waiting for the interest rates on auto loans to drop, you’re in luck: there are a bunch of great plug-in cars you can buy with 0% financing and at pre-tariff prices this April!

As I was putting this list together, I realized there were plenty of ways for me to present this information. “Best EVs ..?” Too opinion based. “Cheapest EVs ..?” Too much research. “Best deal ..?” That’s usually subjective, but as automakers and dealers rush to raise prices in anticipation of Trump’s tariffs, two brands – Ford and Nissan – stand apart.

In the end, I went with alphabetical order, by make, so you’ll find out more about Ford and Nissan’s approach to the new market reality when you get to them. And, as for which deals are new this month? You’re just gonna have to read the article. Enjoy!

Acura ZDX

Manufactured in Spring Hill, Tennessee, the 2024 Acura ZDX uses a GM Ultium battery and drive motors, but the styling, interior, and infotainment software are all Honda. That means you’ll get a solidly-built EV with GM levels of parts support and Honda levels of fit, finish, and quality control. All that plus Apple CarPlay and (through April 30th) 0% financing for up to 72 months makes the ZDX one the best sporty crossover values in the business.

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Chevy Blazer, Equinox EVs

GM-EV-rivals — 2025 Chevy Equinox; via GM.

Both the Chevy Blazer EV and Equinox EV are manufactured at GM’s Ramos Arizpe plant in Coahuila, Mexico, and each offers their own takes on the five-passenger family SUV. Despite any incoming tariffs, the crossovers you’ll find on dealer lots today still represent a solid value, with the cost of base model Equinox LT FWD models with 319 miles of EPA-rated range dropping to just $27,500 after you apply the $7,500 Federal tax credit (for now, still a thing).

Chrysler Pacifica PHEV

2023 Chrysler Pacific (it’s the same); via Stellantis.

When the plug-in hybrid version of the Chrysler Pacifica minivan first went on sale all the way back in 2016, it seemed to imply that the old Chrysler Corporation was going to race ahead of the other Big Three US carmakers.

That didn’t happen, but the Pacifica is still the king of cupholders, while the van’s stow n’ go seating, and all the other practical, clever details that add up to remind you Chrysler invented these things – and through April 30th, you can get 0% financing for up to 72 months on 2025 MY examples of this made-in-Canada plug-in hybrid and cover up to 32 miles of your daily driving needs on the clean, pure power of electrons.

Ford Mustang Mach-E

As I mentioned at the top of the article, both Ford and Nissan have taken steps to push back against the Trump tariffs – and in Ford’s case, that means big discounts, employee pricing for all, and free chargers for EV buyers.

In addition to employee pricing, 2024 Mustang Mach-Es continue to offer 0% APR financing for up to 72 months. That offer appears to be stackable with $2,500 in bonus cash, too, and Tesla owners and lessees can also score $1,000 in conquest cash for up to $3,500 off.

GMC HUMMER EV

The biggest of the Ultium-based EVs, these Hamtramck, Michigan-built machines are seriously impressive EVs, with shockingly quick acceleration and on-road handling that seems to defy the laws of physics once you understand that these are, essentially, medium-duty trucks. If you’re a fan of heavy metal (and plastic), you’ll definitely want to stop by your local GMC dealer and give the rugged GMC HUMMER EV a test drive.

Honda Prologue

Honda-$99-Prologue-offer — Honda Prologue; via Honda.

Manufactured alongside its GM siblings at the Ramos Arizpe plant in Coahuila, Mexico, the hot-selling Honda Prologue pairs GM’s excellent Ultium platform with Honda sensibilities and Apple CarPlay to create a winning combination.

If you’ve been holding off, we’ve got good news: there’s still a few remaining 2024 models in dealer inventory out there. To make room for the 2025 models, Honda is offering 0% APR for up to 72 months on the remaining 2024s.

Click here to find a 0% interest (72 mo.) deal on a 2024 Prologue near you.

Hyundai IONIQ 6

Hyundai-cheaper-EVs — 2024 Hyundai IONIQ 6 Limited; via Hyundai.

The ultra-efficient Hyundai IONIQ 6 is one of the most compelling Model 3 competitors out there – but that could change if the Korean-built sedan gets hit with heavy tariffs. To make sure that doesn’t happen, Hyundai is investing tens of billions of dollars into a US manufacturing base, creating new American jobs and ensuring (kinda) that it can continue to deliver real value to its customers.

The fast-charging IONIQ 6 offers up to 342 miles of range on its most efficient version, while even the shortest range models offer 220 miles of range. Through April 30th, Hyundai is offering a rare 0% interest deal on remaining 2024 examples of its slippery sedan for up to 48 months.

All the Kia EVs

Kia has something for just about everyone in its EV range, from the fun, compact, and underrated Niro EV to the practical three-row EV9 to the supercar-baiting performance of the Kia EV6 – a car that made its global debut on a drag strip running alongside a Lamborghini, a Porsche, and an AMG Mercedes GT.

Through April 30th, you can get 0% interest on just about every new EV you’ll find on your Kia dealer’s lot (minus 2025 Kia EV6 models). Click the links below to find yours.

Mitsubishi Outlander PHEV

One of the first three-row plugin cars to hit the market, Mitsubishi’s Outlander PHEV has always presented a strong value proposition with up to 38 miles of electric range from its 20 kWh li-ion battery and room for seven (in a pinch), making it a great “lily pad” vehicle for suburban families who want to drive electric but still worry about being able to find a charging station when they need one.

That might change when the tariffs take full effect, however – so if you’re looking for an affordable 7-passenger plug-in with a great safety rating at a reasonably affordable price, act fast.

Nissan Ariya

I’ve already said that the Nissan Ariya didn’t get a fair shake. If you click that link, you’ll read about a car that offers solid driving dynamics, innovative interior design, and all the practicality that makes five-passenger crossovers the must-haves they’ve become for most families. Now, Nissan is slashing prices across the line as their competitors are raising theirs, making the case for the Ariya even stronger than before.

With great discounts available at participating dealers, Supercharger access, and 0% interest from Nissan for up to 72 months on both 2024 and 25 MY Ariya EVs.

Toyota bZ4X

Toyota-$10,000-discount-bZ4X — Toyota bZ4X; via Toyota.

Built in Toyota City, Japan, the bZ4X EV is a capable, dependable crossover with room for five and Toyota’s reputation for reliability and longevity to boot. With 0% financing and big discounts on both 2024 and 2025 models, the bZ4X might be the best deal on your local Toyota dealer’s lot.

Volkswagen ID.4

One of the most popular legacy EVs, the ID.4 offers Volkswagen build quality and (for 2024) a Chat-GPT enabled interface. To keep ID.4 sales rolling, VW dealers are getting aggressive with discounts, making this fast-charging, 291 mile EPA-rated range, 5-star safety rated EV a value proposition that’s tough to beat.

This month, get a Volkswagen ID.4 fresh from the company’s Chattanooga, Tennessee assembly plant with 0% financing for up to 72 months plus a $5,000 customer cash bonus on remaining 2024 models to stack with it.

Disclaimer: the vehicle models and financing deals above were sourced from CarsDirect, CarEdge, CarFax, USNews, and (where mentioned) the OEM websites – and were current as of 03APR2025. These deals may not be available in every market, with every discount, or for every buyer (the standard “with approved credit” fine print should be considered implied). Check with your local dealer(s) for more information.

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Why OPEC+ is accelerating oil production as prices are tanking and tariffs hammer markets

Published

8 hours ago

April 4, 2025

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Why OPEC+ is accelerating oil production as prices are tanking and tariffs hammer markets

The Phillips 66 Company’s Los Angeles Refinery in California.

Bing Guan | Reuters

The oil price outlook is being hit with more bearish forecasts on the back of U.S. President Donald Trump’s sweeping and market-hammering tariff announcements. Businesses and investors worry that a trade war and lower global growth lies ahead.

Goldman Sachs on Thursday reduced its December 2025 forecasts for global and U.S. benchmarks Brent crude and WTI by $5 to $66 and $62 a barrel, respectively, “because the two key downside risks we have flagged are realizing, namely tariff escalation and somewhat higher OPEC+ supply.”

The bank also cut its forecasts for the oil benchmarks in 2025 and 2026, adding that “we no longer forecast a price range, because price volatility is likely to stay elevated on higher recession risk.” Analysts at S&P Global Market Intelligence predict that in a worst-case scenario, global oil demand growth could be slashed by 500,000 barrels per day.

OPEC is still holding a lot of the cards, energy analyst says

JPMorgan, for its part, raised its recession odds for the global economy to 60% for this year, up from a previous forecast of 40%.

Markets were therefore stunned when OPEC, which produces about 40% of the world’s crude oil — along with its non-OPEC allies that together comprise OPEC+ — chose not only to go ahead with its previously held plans to increase oil production, but also to nearly triple the expected increase figure.

Eight key OPEC+ producers on Thursday agreed to raise combined crude oil output by 411,000 barrels per day, speeding up the pace of their scheduled hikes and pushing down oil prices. The group — Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman — was widely expected to implement an increase of just under 140,000 barrels per day next month.

The news pushed oil prices 6% lower.

OPEC+ bullishness and appeasing Trump

Several factors underpin the oil-producing alliance’s decision. One is that the group is bullish on oil demand later in the year, putting it firmly in the minority as investor outlooks sour and fears of a global slowdown worsen.

The eight OPEC+ members behind the production decision cited “the continuing healthy market fundamentals and the positive market outlook” in their statement Thursday, saying that “this measure will provide an opportunity for the participating countries to accelerate their compensation.”

RBC’s Helima Croft on eight key OPEC+ producers raising combined crude oil output

The statement added that “the gradual increases may be paused or reversed subject to evolving market conditions.”

Another likely reason for the group’s move has to do with another T-word: the man in the White House, who during his first term in office and from the very start of his second, has loudly demanded that the oil producer group pump more crude to help bring down prices for Americans.

“First of all, this is partly about appeasing Trump,” Saul Kavonic, head of energy research at MST Marquee, told CNBC’s Dan Murphy on Friday.

“Trump will be putting pressure on OPEC to reduce oil prices, which reduces global energy prices, to help offset the inflationary impact of his tariffs.”

OPEC officials have denied that the move was made to appease Trump.

Compliance and market share

Meanwhile, as compliance is a major issue for OPEC+ — with countries overproducing crude beyond their quotas, complicating the group’s efforts to control how much supply it allows into the market — the move could be a way to enforce that, according to Helima Croft, head of global commodity strategy and MENA research at RBC Capital Markets.

“We think a desire by the OPEC leadership to send a warning signal to Kazakhstan, Iraq, and even Russia about the cost of continued overproduction underlies the decision.”

Helima Croft

head of global commodity strategy and MENA research at RBC Capital Markets

“We think a desire by the OPEC leadership to send a warning signal to Kazakhstan, Iraq, and even Russia about the cost of continued overproduction underlies the decision,” Croft wrote in a note published Thursday. She referenced the March 2020 oil price war, when Saudi Arabia flooded the market with supply to tank oil prices and forced Russia back into compliance after Moscow initially refused to curb production to help the alliance stabilize prices. The price war caused Brent crude prices to go as low as $15 a barrel.

The production increases are also “an example of OPEC increasing their market share,” Kavonic said, adding that it “ultimately does come at the expense of the United States [shale] patch,” which U.S. producers likely will not be too thrilled about.

What happens next?

OPEC+ appears confident about the market turning a corner in the coming months on the assumption that oil demand will increase in the summer and the tariff wars will be resolved in the coming months, said Nader Itayim, editorial manager at Argus Media.

“These countries are largely comfortable with the $70, $75 per barrel band,” Itayim said.

We'll be lucky to get one rate cut from the Fed in 2025, Allianz's Mohamed El-Erian says

What comes next depends on the trajectory of the tariffs and a potential trade war. Oil dropping into the $60 range could force pauses or even a reversal in OPEC+ production increase plans, analysts say – although that is likely to be met with resistance from countries like Iraq and Kazakhstan that have long been itching to increase their oil production for their own revenues.

Whatever happens, the group maintains the flexibility to adapt its plans month by month, Itayim noted.

“If things don’t quite go the way they imagine, all it does take, really, is a phone call.”