Big Oil’s favorite climate solution is ‘like trying to push water uphill,’ climate chief says

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3 months ago

February 28, 2024

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This photograph taken on February 27, 2024, shows the the Heidelberg Materials cement plant in Antoing, during a press visit. The cement plant intends to equip it’s kiln with a carbon capture facility, which will enable the Antoing plant to achieve a net-zero carbon balance.

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LONDON — The head of the world’s climate science authority has compared the rollout of carbon capture and storage (CCS) to “trying to push water uphill,” questioning a technology that the oil and gas industry has long touted as integral to net-zero emission plans.

Jim Skea, the head of the U.N.’s Intergovernmental Panel on Climate Change, warned on Tuesday that scaling up carbon capture still faces significant challenges.

CCS refers to a suite of technologies designed to capture carbon dioxide, typically from high-emitting activities such as power generation or industrial facilities that use 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.

Proponents believe CCS can play an important and diverse role in meeting global energy and climate goals, while some researchers, campaigners and environmental advocacy groups argue that these technologies are not a solution.

“One of the challenges is, if you take things like solar energy, it is modular and small scale, and you can roll it through the system more quickly. Once you get past the threshold, it happens by itself,” Skea said.

“CCS is much more like trying to push water uphill to get it into technological systems, it is more challenging.”

Skea’s comments came during the first day of International Energy Week, formerly known as International Petroleum Week — a three-day global energy conference in London that convenes senior industry figures.

Jim Skea , chairman of the Intergovernmental Panel on Climate Change (IPCC) speaks during the 28th Conference of the Parties (COP28) to the UN Framework Convention on Climate Change (UNFCCC) at the Expo City Dubai in Dubai, United Arab Emirates on Dec. 4, 2023.

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There is still some “engineering problem-solving” to be done, Skea said, underlining the point that carbon capture is likely to be just one part of decarbonization plans.

“The big challenges, for me, are around the business models and the policy framework within which it takes place. If we have the will to address these issues, then I see CCS as having a role to play. It is not the answer to everything, but it is certainly part of the picture,” Skea said.

Alongside the net-zero strategies of some of the world’s largest oil and gas companies, CCS features prominently in the climate plans of many world governments.

Late last year, nearly 200 countries at the COP28 climate conference in the United Arab Emirates agreed to “transition away” from fossil fuels, in a text that the host nation hailed as the “UAE Consensus.”

Some have expressed concern that the deal placed carbon capture alongside renewables as technologies that can deliver a shift away from fossil fuels.

Shell calls for more CCS investment

Asked by CNBC about the challenges facing carbon capture as a climate solution, Shell Chief Economist Mallika Ishwaran said Tuesday that now is the time to “reinvigorate” CCS investment.

“I think it is, to be fair, something that has taken a while to get off the ground. We have been hearing about CCS for decades now, and we don’t see that much turning into something commercial,” Ishwaran told participants at the International Energy Week conference.

Shell’s Ishwaran said carbon capture as a technology has no intrinsic value in energy systems, but its worth is derived from its ability to remove something harmful from the atmosphere.

“I think this is the moment where you have to push on with all the technologies that are required to achieve net zero. And I would put CCS in that because there are going to be uses and cases where you need to have some amount of fossil fuels and you need to somehow find a way of abating those emissions,” she added.

A Shell logo displayed on a sign at a gas station in Nakuru, Kenya.

Sopa Images | Lightrocket | Getty Images

The International Energy Agency has previously called for the oil and gas industry to let go of the “illusion” that carbon capture is a solution to climate change, pushing instead for energy majors to ramp up investments in clean energy.

In a report released on Nov. 23, the IEA said the oil and gas industry faced a “moment of truth” where producers need to choose between contributing to a deepening climate crisis and shifting to clean energy. OPEC Secretary-General Haitham al-Ghais sought to push back at the IEA’s comments, saying the report “unjustly vilifies” the oil and gas industry.

Environment

In a milestone, the US exceeds 5 million solar installations

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4 hours ago

May 16, 2024

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In a milestone, the US exceeds 5 million solar installations

US solar installations — Photo by RAZE Solar on Unsplash

The US has now officially surpassed 5 million solar installations, a significant landmark in its shift toward clean energy, according to data released by the Solar Energy Industries Association (SEIA) and Wood Mackenzie.

The 5 million milestone comes just eight years after the US achieved its first million in 2016 – a stark contrast to the four decades it took to reach that initial milestone since the first grid-connected solar project in 1973.

Since the beginning of 2020, more than half of all US solar installations have come online, and over 25% have been activated since the Inflation Reduction Act became law 20 months ago. Solar arrays have been installed on homes and businesses and as utility-scale solar farms. The US solar market was valued at $51 billion in 2023.

SEIA president and CEO Abigail Ross Hopper said, “Today, 7% of homes in America have solar, and this number will grow to over 15% of US homes by 2030. Solar is quickly becoming the dominant source of electricity on the grid, allowing communities to breathe cleaner air and lead healthier lives.”

Even with changes in state policies, market trends indicate robust growth in solar installations across the US. According to SEIA forecasts, the number of solar installations is expected to double to 10 million by 2030 and triple to 15 million by 2034.

The residential sector represents 97% of all US solar installations. This sector has consistently set new records for annual installations over the past several years, achieving new highs for five straight years and in 10 out of the last 12 years. The significant growth in residential solar can be attributed to its proven value as an investment for homeowners who wish to manage their energy costs more effectively.

California is the frontrunner with 2 million solar installations, though recent state policies have significantly damaged its rooftop solar market. Meanwhile, other states are experiencing rapid growth. For example, Illinois, which had only 2,500 solar installations in 2017, now boasts over 87,000. Similarly, Florida has seen its solar installations surge from 22,000 in 2017 to 235,000 today.

By 2030, 22 states or territories are anticipated to surpass 100,000 solar installations. The US has enough solar installed to cover every residential rooftop in the Four Corners states of Colorado, Utah, Arizona, and New Mexico.

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Environment

In April, Tesla prices were higher month-over-month but lower year-over-year

Published

10 hours ago

May 15, 2024

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In April, Tesla prices were higher month-over-month but lower year-over-year

Tesla posted larger-than-average ATP (average transaction price) increases month-over-month in April, but its prices were lower year-over-year, reports Kelley Blue Book.

April saw Tesla post a month-over-month ATP increase of 5.7% compared to March, but the EV giant’s prices were lower year-over-year by 3.3%, according to EV transaction price data from Kelley Blue Book’s newly released April Average Transaction Price report.

Tesla prices have been a key driver of volatile price dynamics in both the luxury and EV markets because it’s the highest-volume seller in both segments. Tesla prices plummeted from $62,269 in January 2023 to $50,099 in December 2023, a decline of 19.5%.

EV transaction prices in April were essentially flat compared to March – up roughly 0.1% – at $55,252, an increase of only $75 from the prior month. Year-over-year, the average transaction price for an EV was down 8.5%, thanks in part to price pressure on EVs driven by slowing sales, healthy inventory, and more competition.

EV incentive packages remain well above the industry average, in many cases more than 15-20% of the average transaction price.

Some popular EVs posted significant year-over-year price reductions in April – Ford F-150 Lightning’s transaction prices were down 23%, Ford Mustang Mach-e’s were down 15%, Tesla Model Ys were down 12%, and Hyundai Ioniq 6s were down 10%.

However, most EVs presently transact for prices lower than a year ago by approximately 4-5%.

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Environment

BYD launches new Shark PHEV as its first pickup to rival Toyota’s Hilux, Ford Ranger

Published

10 hours ago

May 15, 2024

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BYD launches new Shark PHEV as its first pickup to rival Toyota's Hilux, Ford Ranger

A new electrified pickup is hitting the global market. China’s BYD introduced its new Shark plug-in hybrid (PHEV) pickup in Mexico this week. The new BYD Shark is poised to compete against top-selling trucks globally, like the Toyota Hilux and Ford Ranger.

BYD confirmed its first electrified pickup will be called the Shark last month after years of speculation.

The pickup was spotted for the first time by CarNewsChina at BYD’s facility in November 2022, and the anticipation has been building ever since. We’ve seen leaked patents giving away the design, prototype testing, and more, but the Shark is finally officially here.

BYD introduced the Shark PHEV pickup in Mexico at an overnight launch event. The hybrid pickup will be available in two variants: the GL and GS.

The base GL starts at 899,980 pesos ($53,400), while the GS costs 969,800 pesos ($58,100). Based on BYD’s DMO platform, the Shark features 170 kW (228 hp) front and 150 kW (201 hp) rear motors.

With 429 combined hp, the hybrid truck can sprint from 0 to 62 mph (0 to 100 km/h) in 5.7 seconds. Powered by a 29.58 kWh BYD Blade battery, the Shark has all-electric NEDC range of 100 km (62 mi). Combined NEDC range is 840 km (522 mi).

Meet BYD’s first pickup, the Shark plug-in hybrid

According to BYD, the Shark has low charge fuel consumption of 7.5 L per 100 km, which is 40% lower than that of full gas-powered engine pickups.

At 5,457 mm long, 1,971 mm wide, and 1,925 mm tall, the BYD Shark will directly rival top-selling trucks like the Toyota Hilux (5,325 mm long X 1,855 mm wide X 1,815 mm tall) and Ford Ranger (5,370 mm long X 1,918 mm wide X 1,884 mm tall).

BYD’s new pickup has up to 5,512 lbs (2,500 kg) towing capacity and 1,841 lbs (835 kg) max payload.

Inside, you can see other BYD design features, such as a rotatable 12.8″ center screen and 10.25″ instrument panel.

BYD America CEO Stella Li confirmed the company has no plans to sell the Shark, or any passenger EV (BYD already sells electric buses in the US), in the US. Meanwhile, BYD does plan to take the Shark globally.

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BYD Shark PHEV pickup (Source: BYD)

A right-hand drive prototype was spotted testing in Australia earlier this year, suggesting it could launch there soon. Other global markets will likely include Thailand, South Africa, and parts of Europe. Stay tuned for more info on the BYD Shark as it hits new markets.

Source: CnEVPost, BYD

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