Google to pay $100/ton for capturing its CO2 emissions
Google has entered into a $10 million agreement with Holocene, a rising star in the CO2 removal industry. The deal involves capturing Google's CO2 emissions at an unprecedented rate of $100 per ton, a price point that climate tech start-ups globally are striving to reach. This cost is significantly lower than the current market rate of $600 or more per ton for similar services.
Innovative approach to CO2 capture
Holocene's innovative approach to carbon capture involves two continuous chemical loops. The first loop draws in CO2 from the air, while the second produces a pure stream of captured CO2 for potential underground storage. This method is considered more efficient than existing techniques, and could significantly reduce costs associated with CO2 removal.
Holocene's journey and future plans
Since its inception in 2022, Holocene has secured funding from the US Department of Energy (DOE), Elon Musk's Xprize Carbon Removal, and Bill Gates's climate investment firm Breakthrough Energy. The company currently operates a small pilot plant in Knoxville, Tennessee, with plans to build a demonstration facility capable of capturing around 5,000 tons annually. The ultimate goal is to construct a commercial plant that can capture 500,000 tons per year.
Google's commitment and carbon capture industry challenges
Under the agreement with Holocene, Google has committed to capturing 100,000 tons of CO2 by 2032. This commitment equates to removing approximately 20,000 petrol-powered cars from the roads for a year. However, this represents only a small fraction of the 14.3 million metric tons of CO2 pollution that Google generated last year alone. The deal underscores the urgent need for growth in the direct air capture (DAC) industry, to significantly reduce atmospheric carbon pollution.
