Why Carbon Capture Is Big Oil’s Solution for Climate Change
On the eve of COP28, Bloomberg Originals explores the technology’s potential, its shortcomings and why fossil fuel giants have championed it.
The CO2 injection drill and well center at the Gorgon liquefied natural gas and carbon capture and storage facility, operated by Chevron Corp., on Barrow Island, Australia.
Photographer: Lisa Maree Williams/BloombergSultan Ahmed Al Jaber is the President-Designate of the upcoming United Nations climate summit in Dubai, or COP28. He’s also head of the Abu Dhabi National Oil Company. Recently he said “we have to change course to address climate change,” a familiar mantra for a fossil fuel industry that’s expressed solidarity with net-zero goals.
Carbon capture technology has long been the industry’s favored solution. But Big Oil’s investment in it has been slow and largely aimed at helping produce more fossil fuels. In the mini-documentary Carbon Capture’s Reality Check, Bloomberg Originals explores the technology’s potential, its shortcomings and why fossil fuel giants have championed it.