'Time is not on our side': Big Oil is bracing for future after petrol, page-31

“Wally Broecker is 84 years old and drives to work at the Lamont-Doherty Earth Observatory across the Hudson every day from the Upper West Side. Like most of those who first raised the alarm, he believes that no amount of emissions reduction alone can meaningfully help avoid disaster. Instead, he puts his faith in carbon capture — untested technology to extract carbon dioxide from the atmosphere, which Broecker estimates will cost at least several trillion dollars — and various forms of “geoengineering,” the catchall name for a variety of moon-shot technologies far-fetched enough that many climate scientists prefer to regard them as dreams, or nightmares, from science fiction.”

This came from a long and very grim article in New York Magazine I found yesterday, published mid-2017. It’s sobering enough that an 84-year-old bloke commutes to work each morning, but the rest is downright scary.

However many solar panels and wind turbines we throw at the climate challenge, they seem unlikely to satisfy even the expected margin of growth in energy demand around the world. Eventually society will need to start decarbonising the current energy system, or we’ll stumble on half-asleep or on half-power.

Apart from CCS - aka pumping money into the ground except in some oil and gas applications - the only other method I’m aware of right now could be Hazer. Governments are grappling with the CO2 burden and costly CCS plans, but Hazer is turning CO2 into a business opportunity with maybe centuries of potential. How smart.

It’s also interesting to flick through some of Shell’s energy scenarios. Like BP’s global energy outlook, they’re well regarded in industry, academia and government. There’s one called “A better life with a healthy planet” which looks at ways to decarbonise society. It shows up huge opportunities for technology like Hazer’s.

Doing quick deals would be great if they’re there to be had. But this is a pretty new opportunity, and I think it’ll take a bit longer to get a foot under some important tables.