Google Is Spending Big On Carbon Capture Technology - Here's Why
ITPro, Thursday, September 12th, 2024
The tech giant has struck a new deal to capture 100,000 tons of CO2 by 2032
Google has signed a carbon removal deal with direct air capture provider, Holocene, at the bargain price of $100 per ton.
The tech giant revealed this is the lowest price on record for this technology, signalling a huge shift in the potential of the process in helping support environmental targets.
Currently, carbon removal prices tend to amount to many hundreds of dollars per ton of CO2 removed. The low price in this deal comes partly thanks to up-front financial support from Google, along with a hefty subsidy from the US government through its 45Q tax credit.
The subsidy incentivizes investment in DAC by giving suppliers $180 per ton of carbon removed.