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At a summit meeting of the Organization of Petroleum Exporting Countries in Riyadh, Saudi Arabia, this weekend, one of the main themes was “protecting our planet.” In his opening remarks, King Abdullah bin Abdul Aziz said his country would put $300 million into a program that […]

At a summit meeting of the Organization of Petroleum Exporting Countries in Riyadh, Saudi Arabia, this weekend, one of the main themes was “protecting our planet.” In his opening remarks, King Abdullah bin Abdul Aziz said his country would put $300 million into a program that “will finance research related to the future of energy, environment and climate change.” Kuwait, Qatar, and the United Arab Emirates joined Saudi Arabia, pledging $150 million each. The funding pledges follow a statement from OPEC stressing “the importance of developing technologies that can help combat the problem of global warming.”

The $750 million fund is earmarked to further research in carbon capture and storage technology. Executive Secretary of the UN Framework Convention on Climate Change Yvo de Boer assured the OPEC leaders that this is a fight on emissions, not oil. “[O]il will have to be de-carbonized with adequate technologies,” he said. “OPEC can deliver a big part of the solution to climate change.” With so much business still to be done in fossil fuels, the oil powers join the “clean coal” advocates in trying to “de-carbonize” the messy business of hydrocarbon combustion.

Carbon capture and storage remains a largely unproven solution for fossil fuel producers. The technical and financial viability of carbon remediation has yet to move beyond the research phase. While estimates vary wildly, current carbon capture and storage technologies could double the costs of the very energy it’s cleaning.

Yet carbon capture is already being employed at numerous power and fuel processing plants. Using several condensing and filtering systems, CO2 can be removed from the emissions of large-point sources. The problem lies in storing that carbon. Injecting the carbon deep underground or deep into the ocean are the two main avenues being explored for large-scale, long-term sequestration.

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The most promising solution involves pumping carbon dioxide back into aging oil fields, a method already used to increase the production of existing wells. Last week, Salt Lake City-based Blue Source demonstrated a financially innovative model for selling carbon dioxide to oil producers and earning carbon offsets.

With this $750 million pledge, these OPEC nations surpass the U.S., which through the Department of Energy unveiled an investment of nearly $200 million in carbon sequestration projects last month.

Carbon capture and storage is a growing business that will surely become more widely adopted as emission regulations are ramped up around the globe. With trillions of dollars worth of fossil fuels still being pumped, mined and extracted from the earth, gigatons of potential carbon remediation business are being emitted into the atmosphere for the first plucky carbon remediator to start capturing.

  1. [...] 4) OPEC is raising capital for a $750 million fund earmarked to further research in carbon capture and storage technology (see diagram below). – Earth2Tech [...]

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  2. [...] coal’s importance as an energy source and its contributions to CO2 emissions, joining OPEC, Midwestern Governors, and BP in hoping CCS will prove to be an economically viable solution for [...]

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  3. [...] 4) OPEC is raising capital for a $750 million fund earmarked to further research in carbon capture and storage technology (see diagram below). – Earth2Tech [...]

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  4. [...] 4) OPEC is raising capital for a $750 million fund earmarked to further research in carbon capture and storage technology (see diagram below). – Earth2Tech [...]

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  5. [...] recently announced it has created a $750 million fund to further research in CCS. Looking to secure a safe place for their fossil fuel reserves in [...]

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  6. [...] recently announced it has created a $750 million fund to further research in CCS. Looking to secure a safe place for their fossil fuel reserves in [...]

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  7. [...] efforts to diversify in the face of a carbon-constrained future. King Abdullah bin Abdul Aziz, at last November’s OPEC summit meeting, helped earmark nearly a billion dollars from OPEC members for carbon capture and sequestration [...]

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  8. [...] 4) OPEC is raising capital for a $750 million fund earmarked to further research in carbon capture and storage technology (see diagram below). – Earth2Tech [...]

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  9. [...] OPEC Takes on Global Warming Posted by root 20 minutes ago (http://earth2tech.com) Cleantech joint ventures chevron biofuel amp ibm nanotech earth2tech said on further research in carbon capture and storage technology see diagram below root 20 minutes ago http earth2tech com 1 comment posted may 21st 20 d light solar powered led lights Discuss  |  Bury |  News | OPEC Takes on Global Warming [...]

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