The world’s on the verge of a carbon storage boom

illuminem summarizes for you the essential news of the day. Read the full piece on MIT Technology Review or enjoy below:

🗞️ Driving the news: California Resources Corporation (CRC) has secured draft permits to develop Class VI wells for carbon storage at Elk Hills oil field, aiming to inject millions of tons of CO2 underground
• This project is among nearly 200 similar US proposals driven by increased federal incentives and climate targets

🔭 The context: Carbon capture and storage (CCS) technologies are gaining momentum globally, supported by substantial tax credits and infrastructure funding from the Inflation Reduction Act and the Bipartisan Infrastructure Law
• While CCS offers a way to reduce industrial emissions, it also faces criticism for potentially prolonging fossil fuel use and introducing new environmental risks

🌍 Why it matters for the planet: Effective CCS can significantly reduce greenhouse gas emissions, essential for meeting climate targets and mitigating global warming
• However, the balance between environmental benefits and potential harm to local communities remains contentious.

⏭️ What's next: If approved, CRC's project will initiate California's first Class VI wells, potentially setting a precedent for many more
• Successful implementation and management of these projects will be crucial in addressing both climate goals and community concerns

💬 One quote: "In the right context, CCS saves time, it saves money, and it lowers risks," says Julio Friedmann, chief scientist at Carbon Direct

📈 One stat: Since the start of 2022, companies have submitted nearly 200 applications for Class VI wells in the US alone

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