[GWSG] True costs of carbon; SeaChange to Equatic

[Tilley, Al]

1. Untaxed externalities such as damages from leaky old oil and gas wells and from newly intense rainfall due to temperature increases represent costs of fossil fuels which are passed on to the public at large. Such costs constitute about 25% of the profits of US corporations. Vermont is passing a law to require firms doing business in the state to assume the full costs of their operations (which would then be represented in the prices of their products). The price of gasoline, for example, would then reflect its true cost, and methane would be as expensive as it really is. Other states, including New York, Maryland, and Massachusetts, are discussing following suit. https://cleantechnica.com/2024/05/08/the-power-of-taxing-untaxed-externalities/


See the comments to Steve Hanley’s article for information on Canada’s carbon tax, which taxes the externalities.


The Guardian goes into much more detail about the Vermont initiative and similar efforts in other states. https://www.theguardian.com/us-news/article/2024/may/09/vermont-charge-oil-industry-climate-crisis?CMP=Share_AndroidApp_Other



2. I promised to keep an eye on SeaChange, which uses a process developed at UCLA of removing and sequestering carbon from sea water. It is now called Equatic and being pursued in Singapore in a large facility planned to become operational in 2025. It remains among the most promising ways to reverse the accumulation of carbon in the environment.  https://time.com/6836259/singapore-equatic-ocean-carbon-dioxide-removal-facility-largest/


Boeing has just signed a five-year agreement with Equatic to remove 62,000 tons of carbon and supply green hydrogen, a by-product of the process. https://www.forbes.com/sites/alanohnsman/2023/05/31/boeing-bets-on-startup-equatic-with-massive-co2-removal-hydrogen-deal/?sh=1d72414b17f9


This article from last year supplies more information on Equatic’s process. https://www.equatic.tech/articles/an-l-a-startup-aims-to-turn-the-oceans-into-a-co2-sponge-and-green-hydrogen-machine
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