Conventional wisdom favors strategies like decarbonization and adapting to the impacts of rising temperatures. While these tactics are part of a necessary response, CO2 Sciences believes carbon capture for reuse to be the complimentary market-driven approach we need to keep temperature increases under 2 degrees Celsius.
As the former head of BP Ventures, I led efforts to identify and invest in cutting-edge energy technologies from around the world. It was exciting work with the potential to make a huge impact in, among other areas, energy efficiency, storage and carbon management.
That same potential for impact drew me to CO2 Sciences, Inc., which launched at Davos in January and where I took over as CEO just last week. CO2 Sciences offers a bold new solution to the global carbon challenge by serving as a funding platform for its Global CO2 Initiative, which will catalyze research and development on carbon capture and utilization technology at $100 million a year for 10 years.
Current global carbon emissions stand at 37 gigatons a year, the mass equivalent of 1.2 billion garbage trucks. Increasing atmospheric CO2 has the potential to lift temperatures by 4 to 6 degrees Celsius, recognized by governments, business and citizens worldwide as an increasingly urgent problem.
And so do I. The market for products created by carbon reuse and transformation is expected to be at $800 billion by 2030. The Global CO2 Initiative will help realize this promise by creating market-ready technologies and generating adequate market demand for these essential products including fuel, construction materials, new materials like carbon fiber, chemicals, plastics, agriculture and food and industrial gas.
I look forward to leading the CO2 Sciences, the Global CO2 Initiative and our myriad of public and private sector partners in efforts to realize this goal and hope that you will join the cause. You can follow our progress here on LinkedIn , on Twitter or learn more at our website, www.globalco2initiative.org.About The Global CO2 Initiative:
The Global CO2 Initiative was created to realize the ambitious goal of capturing 10% of global CO2 emissions and transforming them into valuable products. CO2 Sciences, its innovative research and development platform, is structured to aggressively catalyze funding in carbon capture and use by granting up to $400 million over ten years to many qualified research applicants throughout the world. In parallel, the Global CO2 Initiative will accelerate the commercialization of CO2 based products and services. It will use different financial vehicles to invest in companies, enabling them to grow market demand for CO2 based products. For more information, visit www.globalco2initiative.org and follow the Global CO2 Initiative on Twitter: @reuseCO2