The interests of billionaires seldom seem to coincide with our own. In fact, they often seem to be quite the opposite. But there are a number of billionaires who are trying to help the world combat climate change. Yes, they want to make money doing it, but doing it is nevertheless in everyone’s interest.
A group headed by Bill Gates that included some of the wealthiest people from around the world met last summer in London to evaluate companies working to mitigate the effects of climate change. These included companies developing carbon dioxide removal technologies. Stripping carbon dioxide out of the atmosphere is an obvious way to deal with the fact that we continue to dump too much of it into the atmosphere – obvious, but extremely difficult to do at any scale that makes a difference.
Companies working on carbon capture have raised more than $5 billion since 2018. There are hundreds of companies working on it and investors include billionaires, venture capitalists, private equity firms, and major corporations. Companies like Microsoft, Google, and United Airlines have committed billions of dollars to purchase removal credits: payments to companies for removing carbon dioxide.
There are only a few dozen carbon removal facilities operational today and together they only capture a tiny fraction of the carbon dioxide humans release into the atmosphere. The hope is that such facilities will scale up in size and number so that they will make a real dent in the problem. But it will take many years at best, and the planet doesn’t have that much time. To make a difference, carbon emissions must be reduced as quickly as possible.
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The New Climate Gold Rush: Scrubbing Carbon From the Sky
Photo, posted April 19, 2020, courtesy of Greg Rubenstein via Flickr.
Earth Wise is a production of WAMC Northeast Public Radio
