Why Carbon Capture Is Big Oil’s Solution for Climate Change
11/23/2023 06:39
On the eve of COP28, Bloomberg Originals explores the technology’s potential, its shortcomings and why fossil fuel giants have championed it.
Sultan 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.