“Carbon capture is total bullshit” and “a figment of the imagination,” Bloomberg said on Monday, addressing a crowd at the Bloomberg New Energy Finance summit in New York.
Carbon capture involves taking the emissions from coal and natural gas-burning power plants and industrial facilities, then burying the carbon deep underground or repurposing it for fertilizers and chemicals. The idea is that by trapping emissions before they enter the atmosphere, we can limit their contribution to human-caused climate change.
Climate experts say it will be next to impossible to eliminate the world’s emissions without carbon capture systems. The International Energy Agency has called the technology “essential,” given that countries are likely to keep burning coal, oil, and natural gas for decades to come.
But to Bloomberg and other critics, that’s precisely the problem. By investing billions of dollars into carbon capture, countries can effectively delay the inevitable — the end of fossil fuels — and postpone investments in genuinely cleaner energy, such as wind and solar power.
So far, only a handful of carbon capture projects even exist around the world, and many of them have faced steep cost overruns and delays. The Kemper Project in Mississippi — billed as America’s “flagship” carbon capture project — is more than $4 billion over budget and still not operational.
Yet President Donald Trump and many coal industry leaders talk about carbon capture as if it’s already solved the nation’s energy challenges. If we have “clean coal,” why invest in alternatives?
Bloomberg has also used aggressive language to express disdain for the coal industry.