Climeworks builds another plant to capture greenhouse gases
Climeworks has begun constructing a plant that will capture harmful emissions. It is planned to become the largest in the world, where carbon dioxide will be directly captured and stored.
The project called Mammoth has already started in Iceland, and its capacity will be able to capture 36 thousand tons of greenhouse gas emissions annually. The plant is scheduled to open in 2030, and by 2050, its capacity will capture up to a gigaton of CO2. However, Climeworks does not intend to stop at just one such project, the company has already entered into a number of agreements with various businesses. According to them, Climeworks will supply its technology and build infrastructure for 10 years.
Since 2021, one of the Swiss company’s plants, which captures harmful emissions, has already been in operation in Iceland. The energy for its operation is supplied by a geothermal power plant located nearby. The plant captures 4 tons of CO2 annually and uses basalt rock to store the carbon dioxide.
Climeworks technology is one of the best solutions for reducing pollution. Last year, the company was able to attract $650 million in investments to build new plants. A priority for Climeworks is to introduce modular emission capture devices that can be installed around the world.The Mammoth implementation is the 18th project from the company, and the second in terms of a commercial capture facility. Climeworks has partnered with Carbfix, a company that provides special underground storage facilities, to capture CO2.
According to data from the International Energy Agency, there are fewer than 20 such Mammoth facilities in the world today. These facilities are not enough to make a significant impact on reducing greenhouse gases. In order to reduce emissions by 85 million tons, the number of capture plants must be significantly increased by 2030, with a capacity of 1 million tons annually.
Climeworks was founded in 2009 and launched its first project in 2017. The carbon dioxide capture plant is located in Hinwil, and its plants capture 900 tons of CO2 per year. These particles are then sold to greenhouses and are later used as fertilizer for plants.
Climeworks’ strategic goal is to capture and filter the amount of carbon dioxide equal to 1 percent of annual global emissions by 2025. To do this, the company needs to install about 250,000 facilities. Despite the daunting task, Climeworks is attracting both commercial and public investments to make it happen.