Challenges in Achieving $100 per Ton for Carbon Removal Technology
Climeworks AG claims to have made a breakthrough in reducing the cost of extracting carbon from the air, potentially cutting it by up to 50%. Despite this, the current cost of carbon capture remains above the industry’s target for widespread adoption. Industry leaders once aimed for $100 per ton, but inflation and real-world challenges have cast doubt on achieving this goal. Climeworks now projects a cost of $250 to $350 per ton by 2030, while the current average is around $715 per ton.
UCLA and Equatic to Build World’s Largest Ocean-Based Carbon Removal Plant in Singapore
UCLA and Equatic are collaborating to build the world’s largest ocean-based carbon removal plant in Singapore, with the aim of removing 3,650 metric tons of carbon dioxide annually and producing 105 metric tons of carbon-negative hydrogen. The $20 million project is made possible through the support of Singapore’s national water agency PUB, the National Research Foundation (NRF), Singapore, and UCLA’s Institute for Carbon Management (ICM). The groundbreaking technology not only facilitates the removal and durable storage of greenhouse gases but also produces nearly 300 kilograms of carbon-negative hydrogen daily.