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☆ Carbon storage is gaining favor. These are the companies investors need to know
▼ + stars: | 2023-08-15 | by ( Alex Harring | ) www.cnbc.com time to read: +8 min

Carbon capture, utilization and storage processes have been around for half a decade, but are currently gaining momentum. Some focus on modifying already-standing power as well as industrial plants that work on carbon capture. Put more succinctly, Deutsche Bank analyst James Hubbard called carbon capture "simple in theory" but "capital intensive and divisive" in reality. He also noted the company has one of the industry's largest carbon capture positions. Staphos cited the potential of its carbon capture operations as a long-term reason to be optimistic, even as its more traditional end-market, homebuilding, faces near-term pressure.

Persons: CCUS, Worley, Wood MacKenzie, Goldman Sachs, Jan Hatzius, Hatzius, James Hubbard, Goldman's Brian Singer, Baker Hughes, Goldman, Ati Modak, hasn't, Stephens, Mike Scialla, Scialla, George Staphos, Staphos, — CNBC's Michael Bloom Organizations: Big, International Energy Agency, U.S . Department of Energy, Battelle, Carbon Technologies, Occidental Petroleum, Carbon Engineering, Energy, Deutsche Bank, Wall Street, Occidental Petroleum . Energy, Baker, Occidental, of Energy, Bank of America, Weyerhaeuser, Bloom Energy, CF Industrial, Honeywell, KBR, Linde, Nutrien, Teledyne, Refinitiv Locations: Vermont, stoke, Maui, Big Tech, Texas, Louisiana, Carbon Technologies . Texas, Kleberg County, Rio Grande, Denmark, Switzerland, Union, Occidental, Boise, Pacific

☆ U.S. to Fund a $1.2 Billion Effort to Vacuum Greenhouse Gases From the Sky
▼ + stars: | 2023-08-11 | by ( Coral Davenport | More About Coral Davenport | ) www.nytimes.com time to read: +1 min

The Biden administration will spend $1.2 billion to help build the nation’s first two commercial-scale plants to vacuum carbon dioxide pollution from the atmosphere, a nascent technology that some scientists say could be a breakthrough in the fight against global warming, but that others fear is an extravagant boondoggle. Jennifer Granholm, the energy secretary, announced Friday that her agency would fund two pilot projects that would deploy the disputed technology, known as direct air capture. Occidental Petroleum will build one of the plants in Kleberg County, Texas, and Battelle, a nonprofit research organization, will build the other in Calcasieu Parish on the Louisiana coast. The federal government and the companies will equally split the cost of building the facilities. “These projects are going to help us prove out the potential of these next-generation technologies so that we can add them to our climate crisis fighting arsenal, and one of those technologies includes direct air capture, which is essentially giant vacuums that can suck decades of old carbon pollution straight out of the sky,” Ms. Granholm said on a telephone call with reporters on Thursday.

Persons: Biden, Jennifer Granholm, Ms, Granholm Organizations: Occidental Petroleum, Battelle Locations: Kleberg County , Texas, Calcasieu Parish, Louisiana

☆ The US government will hand out up to $1.2 billion for companies to suck greenhouse gases out of the air
▼ + stars: | 2023-08-11 | by ( Grace Eliza Goodwin | Marianne Guenot | ) www.businessinsider.com time to read: +3 min

Once built, facilities in Texas and Louisiana will suck carbon dioxide pollution from the air. Removing greenhouse gases from the atmosphere is crucial to reversing the effects of climate change. Sign up for our newsletter to get the latest on the culture & business of sustainability — delivered weekly to your inbox. How direct air capture differs from carbon capture technologyUnlike carbon capture technology, which captures carbon as its being produced by a facility before it reaches the atmosphere, direct air capture acts like a giant air purifier, separating carbon that is already in the air and pumping it underground or into rocks for permanent storage. The Texas site believes it could store up to 3 billion metric tons of CO 2 in saline formations under the hub.

Persons: Biden, Energy Jennifer Granholm, Granholm, Harris, Joe Biden Organizations: Service, Biden Administration, US Department of Energy, DOE, Energy, South, South Texas DAC, Infrastructure Law, DAC, Clean, Biden Locations: Texas, Louisiana, Cypress, Calcasieu Parish , Louisiana, South Texas, Kleberg County , Texas

That includes a $35 million government procurement program for carbon removal credits, and funding for 14 feasibility studies and 5 engineering and design studies for earlier-stage hub projects. Worsening climate change and inadequate efforts to cut emissions have thrust carbon removal into the spotlight. Although most environmental activists acknowledge that carbon removal will be needed for global climate targets to be met, they are concerned companies could use carbon removal development to give fossil fuel companies cover to maintain production, especially in minority and low-income areas. Erin Burns, director of carbon removal advisory firm Carbon180, said the United States is positioning itself as a leader in this technology. "This is the first major federal investment from any country on carbon removal at this level," Burns said.

Persons: Worley, Jennifer Granholm, Vicki Hollub, Erin Burns, Carbon180, Burns, Valerie Volcovici, Gerry Doyle Organizations: Reuters, REUTERS, Occidental Petroleum Corp, WASHINGTON, U.S . Department of Energy, Department of Energy, DOE, Battelle, Climeworks Corporation, Carbon, Inc, South, South Texas DAC, Occidental 1PointFive, Carbon Engineering Ltd, DAC, Energy Department, United Arab, Occidental, Thomson Locations: Handout, Texas, Louisiana, Cypress, South Texas, Kleberg County , Texas, United Arab Emirates, United States

☆ Republican Rep. Mayra Flores faces off against Democratic Rep. Vicente Gonzalez in Texas' 34th Congressional District election
▼ + stars: | 2022-11-02 | by ( Hanna Kang | ) www.businessinsider.com time to read: +4 min

Republican Rep. Mayra Flores is running against Democratic Rep. Vicente Gonzalez in Texas' 34th Congressional District. Texas' 34th Congressional District candidatesIn June, Flores flipped the 34th District seat previously held by Democrat Rep. Filemon Vela during a special election after Vela resigned in March. Gonzalez, a three-term congressman who currently represents Texas' 15th Congressional District, serves on the Select Committee on Economic Disparity and Fairness in Growth. He chose to seek reelection in the 34th Congressional District after the state legislature placed his home, and much of his old district's urban core, in the newly drawn district. Voting history for Texas' 34th Congressional DistrictTexas' 34th Congressional District stretches from Kleberg County on the Gulf Coast to Cameron County and includes a part of Hidalgo County.

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