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Carbon management
“ In terms of carbon capture , my net zero scenario involves increasing global natural gas consumption by three- , possibly fourfold . You could potentially eliminate the use of coal , and then partially abate emissions from natural gas through carbon capture and storage . When we use natural gas , we can take the carbon out of it and put it back in the sub-surface which is where it fundamentally came from . A basic model of zeroing out coal , and moving the system massively towards natural gas , nuclear , and renewables ; that is a reasonable approach to solving the broader global issue in my opinion ,” he emphasizes .
“ Somehow or other , there needs to be a value placed on an avoided emission , and really , that can only be implemented by government . In effect , a utility industry would need to be created to manage carbon . While Canada is not starting from scratch when it comes to setting incentives for investment in clean technologies , it ’ s not really there yet . This is partly because of the drive to replace everything with renewables , rather than implement carbon management . As a result , there is a serious tension among environmentalists , NGOs , the fossil fuel industry , and utility companies .
“ If you look at the global energy mix ,” Craig expounds , “ the reality is that fossil fuel demand is up . There is a social narrative that we are at peak demand , but that ’ s simply not the case . Demand is growing in all categories , but the supply has been stunted by restrictions on capital . There seems to be a consensus that we should not fund fossil fuel development .
“ What this means is that the price of fossil fuels is likely to go up . This , in turn , has a knock-on effect on food production costs and those costs are passed on to consumers . Energy prices also continue to march higher , and impact political and geopolitical stability . This lack of investment becomes self-defeating , because when we have more economic stress in society , it makes investment in carbon reduction more difficult . In much of the Western world , we ’ ve had this wonderful time of an affordable and secure energy and food supply . Now , as the consumer starts
It would seem then that a blanket solution may not be the answer
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