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CEO of Enel exclaims ‘For us, this is not the Solution’ doubtful for carbon capture usage

CEO of Enel exclaims ‘For us, this is not the Solution’ doubtful for carbon capture usage

Overview:

  • “If a technology hasn’t really taken off in five years, you should probably drop it,” Starace says.
  • The CEO was speaking after Enel unveiled its strategic strategy for the years 2022-24, which highlighted the company’s objectives for the future years.

Expression of Uncertainty

The CEO of Enel, a multinational Italian energy company, has questioned the use of carbon capture and storage, claiming that the technology isn’t a climate answer.

“We and by ‘we,’ I mean the electrical business — have tried and tried,” Francesco Starace told reporters.

We tried hard for the past decade, maybe longer, 15 years, as Starace put it. Why would we shut down all these coal plants [when] we could decarbonize the system if we had a dependable and economically attractive solution?”

Carbon capture and storage has been described as a set of technologies by the European Commission, the EU’s executive arm. They concentrated on the capture, transportation, and storage of CO2 generated by power plants and industrial sectors.

The goal is to keep CO2 from reaching the atmosphere by storing it underground in suitable geological formations.

When it comes to lowering greenhouse gas emissions, the Commission has stated that carbon capture and storage are “critical.” This viewpoint is based on the assumption that a significant amount of industry and power generation will continue to rely on fossil fuels in the future. However, Enel’s Starace expressed skepticism regarding carbon capture’s potential.

He stated that the solution has not worked for them yet and that it will not work in the future. And there’s a rule of thumb here: “If a technology doesn’t work in five years and we’re talking about more than five, we should be talking about at least 15, and it should be scrapped.”

Other climate solutions exist, according to Starace. He responded, “Basically, stop emitting carbon.”

“I’m not saying it’s not worth a shot, but we’re not going to try again.” Other industries may be able to succeed if they try harder. It is not a solution for us.”

Efforts to increase dividends of the shareholders

Starace was speaking after Enel unveiled its 2022-24 strategic plan, which outlined the company’s goals for the coming years. Enel plans to invest 170 billion euros ($190.7 billion) indirect investments by 2030, among other things.

Enel’s direct investments in renewable energy assets are expected to reach 70 billion euros. By 2030, Enel’s total installed renewable capacity, or capacity held directly by the company, is planned to reach 129 gigawatts.

Enel, based in Rome, has said that its net-zero commitment, which covers both direct and indirect emissions, had been pushed back from 2050 to 2040.

“We’re saying we’re going to be zero carbon, which means we’re not going to emit carbon and, as a result, we won’t need to plant trees to offset it.”

However, Starace admitted that trees will be needed for generations to come to remove the carbon remaining in the atmosphere due to prior emissions.

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