By Reuters Staff
4 Min Read
HOUSTON (Reuters) - Major energy companies are turning their carbon sequestration technologies and projects into business ventures, converting some efforts that help pump more oil and gas into profit-making ventures while burnishing their environmental reputations.
The efforts could help big greenhouse gas emitters reduce their carbon emissions intensity and move closer to Paris Agreement climate change targets. Energy giants view these efforts as balancing customer demands for more oil and gas while fitting in a lower-carbon energy world.
Carbon removal technologies will be necessary to limit the increase in planetary warming to no more than 1.5 degrees Celsius, the goal of the 2015 Paris Climate Agreement, the United Nations has said.
The company, Canada s Carbon Engineering, counts Bill Gates and oilsands investor Murray Edwards among its backers
Author of the article: Gabriel Friedman
Publishing date: Mar 09, 2021  â¢Â March 9, 2021  â¢Â 4 minute read  â¢Â Canadian e-commerce company Shopify Inc. is one of the first corporations to utilize large-scale carbon removal technology as part of its effort to limit climate change. Photo by David Kawai/Bloomberg
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Canadian e-commerce company Shopify Inc. announced Tuesday it will pay to remove 10,000 tonnes of carbon dioxide from the atmosphere, marking one of the first corporations to utilize large-scale carbon removal technology as part of its effort to limit climate change.
Carbon Engineering is moving ahead with its carbon removal service business, allowing customers to buy the removal of carbon dioxide from the atmosphere using its direct air capture technology. The launch of the service, and the announcement that Shopify will be the company’s first customer, comes as the company’s most direct competitor, Climeworks, made moves […]
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Canadian e-commerce company Shopify Inc. announced Tuesday it will pay to remove 10,000 tonnes of carbon dioxide from the atmosphere, marking one of the first corporations to utilize large-scale carbon removal technology as part of its effort to limit climate change.
Under the deal, Shopify will pay an undisclosed amount to Squamish, B.C.-based Carbon Engineering Ltd to remove carbon dioxide from the atmosphere. Carbon Engineering will achieve this through its U.S. partner 1PointFive, which is building a plant in Texas capable of removing 500,000 tonnes of carbon dioxide per year once its completed by 2024.
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Carbon Engineering inks Shopify as its first partner for carbon removal as a service yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.