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Industry Gets Serious About DAC, Geothermal

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Energy transition strategies in the oil and gas sector typically focus on two leading technologies seen as critical in the global push to decarbonize: carbon capture and sequestration and hydrogen. Many companies, particularly on the E&P side, see these technologies fitting within their core competencies while offering the potential to reuse or repurpose existing midstream infrastructure. But some firms are thinking even bigger. Excitement is growing and investment is ramping up for nascent technologies like direct air capture (DAC) and geothermal energy. Both hold tremendous promise but have a long road ahead before either can be deployed at anything approaching scale. DAC and geothermal technologies target two different but important aspects of the decarbonization picture. By pulling carbon dioxide (CO2) directly from the air, DAC could be a viable engineered approach to achieving negative emissions and offsetting pollution from hard-to-abate industrial sectors. Geothermal’s promise lies in its potential as a baseload power and heating source that could enable and derisk various other clean technologies such as wind and solar, or even fuel more emerging technologies like DAC and zero-emissions hydrogen. But even proponents warn that excitement over these new technologies should not distract from the more pressing need to reduce absolute emissions and increase energy efficiency.

Topics:
Emerging Technologies, Corporate Strategy , Carbon Capture (CCS), ESG
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