/biz/ - Business & Finance

>>50914477
>Swiss start-up Climeworks AG said its second large-scale direct air capture (DAC) plant will be built in Iceland in 18-24 months, and have capacity to suck 36,000 tonnes of CO2 per year from the air.

>That is a sliver of the 36 billion tonnes of energy-related CO2 emissions produced worldwide last year. But it is a 10-fold increase from Climeworks’ existing DAC plant, currently the world’s largest, and a leap in scale for a technology that scientists this year said is “unavoidable” if the world is to meet climate change goals.

>Co-CEO Christoph Gebald said once this plant launches, Climeworks intends to build a far bigger facility capturing roughly half a million tonnes of CO2 per year — and then replicate multiple plants of that size, backed by project financing, towards the end of the decade.

>Mammoth was part-financed by a 600 million Swiss Franc ($627 million) financing round Climeworks announced in April. The firm also sells among the world’s most expensive carbon removal credit — costing up to 1,000 euros per tonne — to buyers including Microsoft, Audi and Boston Consulting Group.

>$627M for one “Mammoth” plant

Fuck I thought Oil and Gas was a capital-intensive sector. Also Mammoth name is quite fitting, with reasons that have nothing to do with its productivity versus capital input!

>Capacity to suck 36,000 tonnes of carbon
>36 billion tonnes of global carbon emissions per annum

So assuming carbon output remains steady (developing nations and their ever-growing hydrocarbon use notwithstanding) and the tech to build this over-priced piece of shit remains similar (raw materials prices be dammed), you have to build a MILLION of these plants to equal the carbon output, provided that is a “realistic” objective set forth by stakeholders in this start up.. this will cost $627 trillion dollars.. I’ll have what they’re smoking

>>50864296
Make sure to sign up “yes” on the organ donor section of your drivers license anon