December 2021 – Page 3 – The Global Carbon Fund

Earlier this month, Elysian Carbon Management secured a $350 million investment from EnCap Flatrock Midstream (EFM). Elysian provides integrated, full-service carbon capture and storage solutions across industries and power facilities. The funds will allow Elysian to focus on developing integrated carbon capture and storage solutions. The overall goal is to reduce carbon emissions by at […]

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Earlier this month, Elysian Carbon Management secured a $350 million investment from EnCap Flatrock Midstream (EFM).

Elysian provides integrated, full-service carbon capture and storage solutions across industries and power facilities.

The funds will allow Elysian to focus on developing integrated carbon capture and storage solutions. The overall goal is to reduce carbon emissions by at least 10 million metric tons per year.

EnCap Flatrock Midstream was formed in 2008 and manages nearly $9 billion in assets. They are based in San Antonio, with Oklahoma City and Houston offices.

As more companies seek ways to offset their carbon emissions – the carbon capture and storage industry is expected to increase – just like the carbon credit industry.

EFM Managing Partner David J. Kurtz, a member of the Elysian board of directors, said, “Elysian is at the forefront of developing projects necessary to support carbon reduction goals across North America. Few independent teams in this nascent sector have a comparable depth and breadth of the technical, financial, and operational experience needed to bring CCS projects to fruition.”

As the climate crisis continues, carbon capture, carbon storage, and carbon offsets will be needed to help mitigate environmental risk. Continued partnerships, such as Elysian and EFM, will help make environmental, social, and governance goals attainable.

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Francesco Starace, CEO of Enel, a multinational Italian energy firm, isn’t so sure about carbon capture and storage. He suggests that it is not a solution to the climate change crisis. Carbon capture aims to stop CO2 from reaching the atmosphere by keeping it underground in geological formations, but Starace sees it differently. “We have […]

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Francesco Starace, CEO of Enel, a multinational Italian energy firm, isn’t so sure about carbon capture and storage.

He suggests that it is not a solution to the climate change crisis.

Carbon capture aims to stop CO2 from reaching the atmosphere by keeping it underground in geological formations, but Starace sees it differently.

“We have tried and tried — and when I say ‘we,’ I mean the electricity industry,” Starace told CNBC.

“You can imagine, we tried hard in the past 10 years — maybe more, 15 years — because if we had a reliable and economically interesting solution, why would we go and shut down all these coal plants [when] we could decarbonize the system?”

“The fact is, it doesn’t work; it hasn’t worked for us so far,” he said. “And there is a rule of thumb here: If a technology doesn’t really pick up in five years — and here we’re talking about more than five, we’re talking about 15, at least — you better drop it.”

Starace went on to say that there is one solution.

“Basically, stop emitting carbon.”

Though Starace has not seen much success with carbon capture and storage within his own industry, that doesn’t mean that it doesn’t have a role to play.

Like carbon offsets – carbon capture and storage should be used alongside new technologies that reduce carbon emissions, not just neutralize, or capture them.

The carbon offset industry continues to grow – and with COP26 leaders setting a global standard, experts believe it will be integral in helping companies meet increasing regulations.

Alongside Starace’s announcement, Enel has moved its net-zero target date from 2050 to 2040. They expressed a desire to exit coal generation by 2027 and gas by 2040.

Per Starace, “We’re saying we’re going to be zero carbon, which means we’re not going to emit carbon.”

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