air capture & carbon negative technology - graciela chichilnisky (october 15, 2012 @ oxford...
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Air Capture & Carbon Negative Technology - The Global Context: In the Short and the Long Run - Graciela Chichilnisky (October 15, 2012 @ Oxford University)TRANSCRIPT
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Air Capture&
Carbon Negative Technology™
The Global Context
In the Short and the Long Run
Graciela Chichilnisky - www.chichilnisky.comColumbia University & Global Thermostat – www.globalthermostat.com
Oxford UniversityMartin Geoengineering Programme 15 October 2012
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A Human Dominated WorldHuman Beings are today the largest geological force in the planet
We are changing the planet’s atmosphere, its body of waters, and the complex web of species that makes life on earth
Climate Change?
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The AnthropoceneThe change we are producing will be read in rock formations for thousands of years
Geologists define a new geological era - the ‘Anthropocene’ – follows the Holocene – it started in 1945
The Bretton Woods Institutions after WWII led to
Globalization of Western Economics
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Global Risks• Climate Change• Biodiversity Extinction• Clean Water scarcity• Life in the Seas going extinct
Avoiding Extinction
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Are Humans Next?• Need Action Now• Waited too long• Industrial economies 20% of world population cause
most of world’s C02 emissions – the North
Energy from fossil fuels 45% of global emissions
$55 Trillion Infrastructure 89% based on fossil fuels (IEA)
Clean Energy is the Only Solution
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6Columbia Consortium for Risk Management (CCRM) www.columbiariskmanagement.net
Sources: Earthtrends Database of the World Resource Institute (WRI) http://earthtrends.wri.org/
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The North and the South• Since 2000, developing nations that did not yet
complete their industrialization are the engine of growth of the world economy – the South
Developing nations are for the first time the largest growth sector in the world economy – largest emitters in the future?
• Creation of G-20 in 2009:
Advocating Sustainable Development
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8Columbia Consortium for Risk Management (CCRM) www.columbiariskmanagement.net
Source: World Bank (2009) and UN Millennium Development Goals Database (2009)
GDP and Carbon Emissions
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9Columbia Consortium for Risk Management (CCRM) www.columbiariskmanagement.net
Source: World Bank (2009) and UN Millennium Development Goals Database (2009)
GDP and Carbon Emissions
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Sustainable Economics
2009 The newly created G-20 requires change: a Sustainable World Economy
How to do it
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Changes Articulated by the
United Nations
Kyoto Protocol
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The Kyoto Protocol Carbon Market
International Law since 2005
Compulsory Carbon Markets now exist in 4 continents:
EU ETS, Japan, Australia & California USA
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December 2011:Kyoto Protocol extended 3 years
in Durban COP 17
• Existing KP limits valid until 2015
• New global emission limits pledged for 2020
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The Carbon Market- by its author -
• What is it?
• What it is not
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Emission Limits are the basis of Carbon Market
How does it Work
CHANGES THE ENTIRE
GLOBAL ECONOMY
$25/TON EMITTED
CARBON PRICES ARE THE Missing
Signal
Carbon Makes Clean
Energy profitable
Dirty Energy expensive
and Undesirable
Dirty pays clean – ZERO
overall costs
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The Missing Signal• If we destroy all trees & make toilet paper our economy improves – why?• Because Toilet Paper has Market Value & Trees do not.
We lack Market Prices
New Market prices = New ValuesNew costs and New benefits
The Carbon Market Provides the Missing Signal
• 1997: KP Placed Limits on industrial emissions• 2005: KP Carbon Market International Law
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New Markets
• SO2 market in CBOT – successful & 20 years old
• New markets for water and for biodiversity
• (Chichilnisky (1992, 1996, 2000, 2002, 2009, 2010, 2011)
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The Carbon Market• Trades $215 Bn/year EU ETS
• Reduced 37% EU emissions
• CDM transferred $50 Bn clean energy projects in poor nations
• Changing US$55 Trillion energy infrastructure
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Carbon MarketLinks to Global Economy
Everything is made with energy Economic growth = Energy Use
Link to EnergyCarbon Market provides Missing Signal
New Market Prices = New Values
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FOCUS of Carbon Market• Capping Emissions
• We can’t get there without emissions reductions
Markets for trading a Global Public Good: Compensates bringing down Atmospheric CO2
Creating Equity and Efficiency
Closing the Carbon Cycle
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Where are We?
What comes Next?
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What to do?• Changing International Law• Changing Economics
We may just have to do it
• For the survival of our Species
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Change International LawBasic Needs
• In 1974 this author created the Bariloche Model of the World Economy
• Based on new concept of Basic Needs• Was the basis of Sustainable Development voted by
150 nations at the 1992 UN Earth Summit in Rio Brazil• Adopted by the G – 20 in 2009
Sustainable Development
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Change International LawThe Carbon Market
• The Carbon Market - designed and written by the author into the UN Kyoto Protocol in 1997- international law since 2005
• Productive clean CDM transfers to developing nations $50 Bn since 2005
• EU ETS Trades $215 Bn/year, decreased 37% EU emissions since became law in 2005
• Makes profitable the use of clean energy for the production of all goods and services
• Changes the energy foundation of the Global Economy• China ratified the Kyoto Protocol and since 2005 leads the World
in Solar and Wind markets• US did not and we are left behind in clean technology
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Change International LawThe Green Power Fund
• Sustainable Development requires Carbon Negative Technology
• $200Bn/year private public Fund could support this in the short and the long term – and change the global energy industry
• Uses Kyoto Protocol and its Carbon Market to fund Carbon Negative Power Plants - in LA. Africa & 43 Small Island States
• Created by the author in Copenhagen COP 15 Dec 2009• Partly voted as $200 Bn/year Green Climate Fund in Durban
COP17 December 2011
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New types of Markets = New GDP• Market economics can be made consistent with sustainable goals• But markets themselves must change
• Individualistic markets must evolve into new types of markets that I postulated - markets for public goods – which incorporate
connections between people and value Valuing the Global Commons
• They are slowly emerging due to new scarcities: carbon market I created within the Kyoto Protocol, international law since 2005
trading $200Bn/year; SO2 markets in CBOT, new markets for water and for biodiversity (Chichilnisky (1992, 1996, 2000, 2002, 2009, 2010, 2011)
Global markets that value privately produced public goods the Global Commons
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Green Capitalism in the 21st Century
• The basis exists: international law and economics
• Theoretically and in practice• New markets for the global commons, new
growth theory, new cost benefit analysis and new GDP measures, new international law
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The Global Commons
New Economics
From maximizing profits toeconomic progress
that ensures survival of our species
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Technology Urgently Needed
• To Reduce Carbon from the Atmosphere
• In a Profitable Way
The Word needs Energy
CLEAN ENERGY FOR DEVELOPING NATIONS
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Why a Carbon Negative Solution
Global Thermostat Company Confidential Page 30
Carbon Neutral is not enough• Neutralizing emissions does not prevent
further increases in atmospheric CO2 • Even the most aggressive efficiency
improvements and renewables adoption are unlikely to keep CO2 concentration at the generally agreed 450ppm to avoid catastrophic climate risk
Negative Carbon is the solution1
• Air capture enables direct and rapid reduction of CO2 concentration
• GT allows for the capture of even more CO2 than we are loading into the atmosphere or that the earth’s systems can absorb – Negative Carbon GT’s technology directly reduces
carbon concentration in the air, making carbon negative possible
Pre-Ind Ti
mes2030
20800
100
200
300
400
500
600
700
800
Reducing CO2 Concentrations in the Atmosphere
Business as UsualConstant GrowthWedges Approach / StabilizationGlobal ThermostatHazardous Level 450 ppm
CO2
Part
s per
Mill
ion
(PPM
)
1 United Nations Headquarters, New York, November 12, 2009. Presentation by G. Chichilnisky on"The Rising Tide at Copenhagen: A Win-Win Solution for Industrialized and Developing Nations"
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Closing the Carbon Cycle• GT Technology Captures Carbon from Air• Inexpensive: Uses Low Process Heat • Cogenerates Power Production with Carbon
Capture• The More Power is Produced – the More Carbon is
reduced• Makes Coal Plants Carbon Negative• Makes Solar Power Plants even more Carbon
Negative
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Global Thermostat
• GT creates Carbon Negative Power Plants™• More Energy for Development• While Cleaning the Atmosphere
• GT Transforms the worse emitters – the fossil power plants - into carbon sinks
• GT technology makes solar plants more profitable and even faster carbon sinks
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Markets for Captured CO2
Global Thermostat Company Confidential Page 33
Storage Enhanced Oil Recovery*
Algae-Based Biofuels*
Hydrogen-Based Fuels
Products cement, fertilizer, plastics,
greenhouses
*EOR and Algae-based biofuels represent most
significant opportunities for commercial applications
of CO2 captured using GT’s technology
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Global Thermostat:
Captures CO2 from Air
Transforms CO2 from a Global Threat Into A Massive Profit Opportunity
Benefits the Environment
globalthermostat Company Confidential 2
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Global Thermostat:
Transforms Energy and Fuel Markets
Enables National Security & Economic Development
Turns CO2 from a global liability and pollutant into a profit center and source of clean fuel
Closing the Carbon CycleSM
globalthermostat Company Confidential 3
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Graciela ChichilniskyManaging Director
• World leading economist, entrepreneur, inventor, & executive• Founder CEO of FITEL & Cross Border Exchange, financial
technology companies• Authored carbon market of Kyoto Protocol (EU ETS), and
formal theory of Sustainable Development• PhDs (2) in Mathematics and in Economics, MIT and UC
Berkeley• Tenured Professor Columbia University, previously Harvard &
Stanford
Peter Eisenberger Managing Director
• Leading physicist, R&D energy executive - 20 year career as head of R&D at Bell Labs and Director
• EXXON Global R&D, Vice Provost Columbia University• Expertise in innovation around CO2 - renewable gasoline,
chemicals, materials• Founding Director Princeton University Materials Institute• Founding Director Columbia University Earth Institute
Edgar Bronfman, Jr.Chairman
• Chairman, Endeavor Global• General Partner, Accretive LLC• Former President and CEO of the Seagram Company• Former Chairman and CEO, Warner Music Group• Recently and successfully sold Warner for $3.3 billion
Key Advisors
Ed HotardFormer COO, Praxair
Eric (Ric) RedmanPresident, Summit Power
Ron ChanceEmeritus Science Advisor, Exxon
Rocco FiatoAccelergy, Exxon
Richard KauffmanCEO, Energies
Nicholas EisenbergerPure Energy Partners
Ben BronfmanGlobal Thermostat
Chris JonesGeorgia Tech
Roger CohenEx-Exxon
Michael FleisherBain, Gartner
Eric RedmanPresident, Summit Power
Sasha MacklerSummit Power
Leadership Team
globalthermostat Company Confidential 11
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37
CO2 Management and Commercialization
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GT Pilot at SRI - October 1, 2010
globalthermostat Company Confidential 16
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November 2012 First Commercial Demonstration Plant at SRI Commenced March 2012 - TRL 9 expected Fall 2012 Uses heat from SRI Co-gen Power Plant GT Tandem + Carburetor lowest cost embodiment full integration Cost Breakthrough
Powered by low-cost, process heat from SRI Co-gen Plant Eliminates transportation costs
Modular Design 5,000-1,000,000 tons CO2/year Locates anywhere with 100 C heat source
Flexible Integration Into Legacy or New Industrial Facilities
Carbon Negative Solution Captures more CO2 from SRI fossil fuel Co-gen power plants than is emitted by plant
Global Thermostat Company Confidential
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A Game Changing Company
Transforms Energy and Fuel Markets
Enables National Security & Economic Development
Turns CO2 from a global liability and pollutant into a profit center & source of clean fuel
Closing the Carbon CycleSM
Global Thermostat Company Confidential Page 8