FT News Briefing The world’s biggest direct carbon capture plant
Sep 9, 2021
Discover the groundbreaking technology behind the world's largest direct carbon capture plant in Iceland. Learn about its promise to combat climate change while navigating the challenges of scalability and cost. Also covered are significant financial issues, including Janet Yellen's warning about the U.S. Treasury's impending cash crisis and PayPal's strategic acquisition of the buy now, pay later company, Paidy. This mix of innovation and urgency brings fresh insights into the evolving landscape of finance and sustainability.
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Orca Plant Opens
- The world's largest direct carbon capture plant, Orca, opened in Iceland.
- It captures 4,000 tons of CO2 yearly, five times more than any other plant.
Direct Air Capture's Potential
- Direct air capture is a promising technology for combating global warming.
- Orca is a significant step, though still far from the scale needed to offset global emissions.
How Orca Works
- The plant uses fans to blow air over a contact surface that binds with CO2.
- The CO2 is then heated, captured, and stored before being injected underground to turn into rock.