The Carbon Corner - Issue #3
The Carbon Corner - Issue #3Lots of updates are coming your way with our 3rd issue of The Carbon Corner! CPV Takes Advantage of Inflation Reduction ActOn Friday, September 16, Competitive Power Ventures Inc. announced plans of a multibillion-dollar natural gas power plant with carbon capture technology. This plant will be located in West Virginia and is expected to open by 2030. Senator Joe Manchin credited this plan to be a result of the Inflation Reduction Act, a bill that increased CO2 credits substantially. With the bill passed, it is expected that projects similar to this one will begin to form.
Plans to Transform 27,000 Acres for CCSCaddo Sustainable Timberlands, LP is considering a potential carbon capture and storage project on a 27,000 acre plot of land in Texas. They have agreements in place for the evaluation to begin. This will be their first action in the space, with hopes of more to come involving their 889,000 acres across Texas and Louisiana. Project Bison Projected to Capture 5MM TonesProject Bison, a Wyoming plant expected to be in operation by 2023, is projected to capture five million tonnes of CO2 annually. This will make it the largest single atmospheric carbon project in the world. As previously mentioned for the other project startups, this endeavor is made possible by the Inflation Reduction Act. The Inflation Reduction Act increased the credit value from $50 to $85 per metric ton of CO2 stored through secure geological storage. For CO2 stored through enhanced oil recovery, credit was increased from $35 to $60 per metric ton.
Belgian Company's Decarbonization of CementHolcim Group, a Belgian cement manufacturing company has plans to decarbonize the cement production process by using a clinker kiln during the combustion process. This specific kiln uses oxygen rather than air and concentrates the CO2 into an exhaust that can be captured. Currently, cement manufacturing produces over two billion tonnes of CO2 annually, totaling to 8% of the global total. The project is expected to be complete by early 2026. HMM Decarbonization EffortsThe last international news we are going to cover today involves a signed Memorandum of Understanding between Hyundai Merchant Marine (HMM) and PANASIA. This agreement signifies that the parties will perform a feasibility study, economic analysis and risk assessment for installing carbon capture systems into their marine vessels. This will be a step in the right direction for HMM, who has a goal of reaching net-zero carbon emissions by 2050.
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