It's almost as if, bear with me here, it's more cost efficient to reduce the amount of carbon you're putting into the atmosphere than it is to try to capture it after the fact.

I keep being drawn toward the idea of using biochar to simultaneously dispose of forest waste in the West while also creating a carbon sink. Then I convinced myself it could never be scalable or cost effective. Then I read something like this and find myself coming back to it.

Bjartmar Oddur Þeyr Alexandersson and Valur Grettisson writing for Heimildin:

Climeworks in Iceland has only captured just over 2,400 carbon units since it began operations in the country in 2021, out of the twelve thousand units that company officials have repeatedly claimed the company’s machines can capture. This is confirmed by figures from the Finnish company Puro.Earth on the one hand and from the company’s annual accounts on the other. Climeworks has made international news for capturing carbon directly from the atmosphere. For this, the company uses large machines located in Hellisheiði, in South Iceland. They are said to have the capacity to collect four thousand tons of CO2 each year directly from the atmosphere.

According to data available to Heimildin, it is clear that this goal has never been achieved and that Climeworks does not capture enough carbon units to offset its own operations, emissions amounting to 1,700 tons of CO2 in 2023. The emissions that occur due to Climeworks' activities are therefore more than it captures. Since the company began capturing in Iceland, it has captured a maximum of one thousand tons of CO2 in one year.

...

 The Swiss founders of Climeworks were ambitious when they started in 2009. In a 2017 interview, they said that by 2025 they planned to capture one percent of all global emissions. That amounts to 400 million tons of CO2. Those plans have not been realised, and the company has never come close to achieving that. They also planned to reduce the cost of capturing each ton of CO2 from the atmosphere to about $100. Today, a ton of CO2 costs about $1,000, according to the Climeworks website – ten times more than the target this year.

Despite not achieving those goals, the company’s executives have set new, more ambitious goals. The company now says it plans to capture 1 billion tons of CO2 by 2050. Climeworks’ operations and ambitious goals have garnered worldwide attention, and the company recently ranked second on Time Magazine’s list of the 100 top green tech companies in the world. This is the first time Climeworks has made the list, but another unrelated company, which has operated in Iceland, made the list last year, Running Tide. [Completely fail to come anywhere close to your absurdly unrealistic goal. Deflect criticism by proposing an even less realistic one. (These guys haven't just been watching Elon; they've been taking notes.) -- MP]

...

Climeworks has sold a significant amount of carbon credits. They are not only credits that have already been certified and captured, but also a large amount of credits that Climeworks plans to capture in the future. According to the company, one third of all the credits that the Mammoth capture plant is expected to capture from the atmosphere over the next 25 years have already been sold. About 21 thousand people have a subscription with the company, where they pay monthly for the capture and disposal of carbon credits. The waiting time to receive these carbon credits can be up to six years, according to the company's terms. If Climeworks' capture figures do not improve, the wait could extend from years to decades.

...

Not only investors have financed the operation of Climeworks. Since the company was founded, it has received approval for over one hundred billion krónur in grants from public sources, as stated on the Climeworks website, including from Swiss and American taxpayers. The Swiss handed over $5 million to the company, while the US government has promised the company $625 million.

 

This all goes back to our ongoing techno-optimism thread. We have been fed the dogma of putting our faith into tech entrepreneurs, leaping off the cliff and trusting that a new innovation will miraculously appear to catch us. It has made us easy marks for con artists and charlatans.