Honeywell/UT Austin Carbon Capture Venture Raises Interesting Policy Questions

Honeywell/UT Austin Carbon Capture Venture Raises Interesting Policy Questions

Illustration of carbon capture technology which uses filter technology to remove the green house gas ... [+] carbon dioxide from the atmosphere and store it underground. Honeywell and The University of Texas at Austin (UT-Austin) announced today that they are forming a collaborative effort to capture carbon emissions from power plants and heavy industry installations like steel and cement plants. In the venture, Honeywell will combine its proven carbon capture technology with UT-Austin's proprietary advanced solvent technology to dramatically reduce carbon emissions from these types of facilities and either sequester the carbon or target it for other uses. Honeywell is already capturing 15 million tons of CO2 in existing projects each year for use in storage utilization applications, and had a capacity to raise that to 40 million tons/year through those installed projects prior to this collaboration with UT-Austin. Under current carbon policy frameworks in North America and Europe, this collaboration with UT-Austin would enhance the economic viability for additional projects. The International Energy Agency (IEA) recently estimated that CCUS project capacity would need to increase more than 20 times to enable capture of 840 million metric tons per year of CO2 by 2030 in order to meet its Sustainable