Octopus Energy has pledged $500 million toward carbon removal initiatives in the United States. The company aims to remove 50 million tonnes of CO2 from the atmosphere, signaling a major push into the US carbon removal market. This investment focuses on scaling technologies and methods that can permanently sequester carbon. By targeting high volumes of CO2 removal, Octopus Energy is attempting to drive down the cost of carbon removal through increased capacity and deployment.
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Octopus is putting half a billion into US carbon removal to hit a 50 million tonne target. Worth looking at to see if they specify which removal techs they are actually backing.
50 million tonnes is a massive number. I wonder about the energy requirements for these removal plants. If they are using DAC, the power demand could be huge. Where is the electricity coming from?
The real question is how this fits with US 45Q tax credits. If they are relying on subsidies to make the math work, the project viability changes if the policy environment shifts.
True, but a $500 million commitment suggests they are trying to build a portfolio that can survive more than just one specific credit.
