Chevron, Occidental Petroleum and BHP have invested in Carbon Engineering, a Canadian start-up developing technology to take carbon out of the atmosphere, The New York Times reports.
At its pilot project in Squamish, a town about 30 miles north of Vancouver, Carbon Engineering is using an enormous fan to suck large amounts of air into a scrubbing vessel designed to extract carbon dioxide. The gas can then be buried or converted into a clean-burning—though expensive—synthetic fuel.
Investing in Carbon Engineering and other carbon-reduction initiatives are part of an emerging effort by fossil-fuel industries to remain relevant and profitable as face a barrage of lawsuits, investor resolutions and regulations prompting them to invest more in clean energy.
Of course, big energy companies continue to drill for oil and gas and are pushing the Trump administration and other governments to open more territory to explore. Read the full story.