Elon Musk, Microsoft and oil giants like Occidental and Exxon Mobil are investing in carbon capture technologies. Carbon Engineering and Climeworks are two start-ups that have built machines to suck CO2 straight out of the atmosphere in a process known as direct air capture. But the technology faces a number of challenges, one of which is that there’s currently no market for the captured CO2. As a result, some companies are selling their captured CO2 to oil companies, which use it to produce even more oil.
Correction (March 4, 2021): At 9:08 we misstated a company that invested in Carbon Engineering. The correct company is BHP.
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Money Is Pouring Into Carbon Capture Tech, But Challenges Remain