If you want to understand the potential of direct air capture, or DAC, all you have to do is see its end product: solid rock. The world’s first plant to pull carbon dioxide from the air and turn it into stone has been operating in Iceland for nearly two years, and the fruits of its labor were on display last week at Climeworks’ DAC Summit.
Set in the heart of the unforgiving North Atlantic Ocean, some 175 miles away from its nearest neighbour, Iceland is on the front line of efforts to collar climate change, in all senses.
The Atlantic Ocean Basin covers roughly 20% of Earth’s surface. With neighbouring seas like the North Sea and Caribbean, it covers about 106.4million square km (41.1million sq. miles) and hosts the most diverse array of offshore oil and gas provinces anywhere.
Atome Energy is a step closer towards going ahead with its Iceland and Paraguay green hydrogen plans with the completion of its fundraising.
High hopes around the shift to hydrogen have largely focused on technology providers, but there will also be a need for companies to bring production into reality.
Olivier Mussat has joined President Energy subsidiary Atome Energy from the International Finance Corp. (IFC) in preparation for an IPO later this year.
Preparations are underway for a carbon storage facility in Iceland designed to receive emissions from overseas.
Iceland’s hope of finding oil offshore its coast is fading after China and Norway decided to back out of the island nation’s only remaining exploration license.
Silicor Materials Inc. expects to complete financing in the next two months for a $1 billion plant it says will produce solar-grade silicon for at least 40 percent less than existing facilities.
Icelandic volcanoes could be providing power to British homes, under plans to be announced by David Cameron. The Prime Minister, attending the Northern Future Forum in Reykjavik, is expected to say that the UK and Iceland are to look at establishing an electricity pipeline between the two countries. The multi-billion pound “interconnector” - involving 750 miles of undersea cabling - would enable the direct export of hydro and geothermal-generated electricity to be exported directly to Britain.