Energy Transition Podcast Series, Focus on Carbon Capture
THE COWEN INSIGHT
Studies indicate achieving net zero emissions by mid century will require a massive scale up in carbon capture which could result in a market growing from nearly nothing today to ~$125B by 2030 and over $500B by 2050. We’re introducing a new podcast series to help investors understand the market and identify which companies have the most to gain from this potentially very attractive growth market.
Energy Transition Podcast Series
- Episode 1: An Introduction to Carbon Capture – An overview of the carbon capture market, including emissions reduction targets, growth rates of capture, and the major drivers of cost structure.
- Episode 2: Exploring Hydrogen and Carbon Capture – Simon Moore Vice President of Investor Relations & Sustainability at Air Products joins the podcast to discuss the company’s role in hydrogen production in steam methane reforming (SMR) and gasification as it relates to hydrogen with carbon capture.
- Episode 3: Carbon Capture and Hydrogen Equipment Technology with Baker Hughes – Chris Barkey, CTO at Baker Hughes joins Marc Bianchi to discuss compressors, turbines and capabilities available for hydrogen & carbon capture.
- Episode 4: Carbon Capture as a Service with Aker Carbon Capture – David Phillips, Head of U.K. and Investor Relations of Aker Carbon Capture, joins Marc Bianchi, to discuss carbon capture technology, various plant designs, and carbon capture as a service.
- Episode 5: Carbon Capture & Sequestration Along the Gulf Coast With Talos Energy – CEO Tim Duncan, and EVP of Low Carbon Strategy, Robin Fiedler, of Talos Energy, join Marc Bianchi and David Deckelbaum to discuss carbon capture initiatives along the Gulf Coast and their outlook for this emerging growth segment.
- Episode 6: Cryogenics and Carbon Capture with Chart Industries – Chart Industries CEO, Jill Evanko, along with Earthly Labs and Sustainable Energy Solutions (SES) Founder/CEOs Amy George and Andy Baxter, join Marc Bianchi to discuss how Chart’s suite of cryogenic equipment and services complement a growing portfolio of clean offerings, with a focus on carbon capture, utilization, and storage.
- Episode 7: Carbon Capture and Sequestration in the U.S. with Shell – Lee Stockwell, General Manager of Shell, who focuses on Shell’s U.S Carbon Capture & Sequestration (CCS) business & footprint, joins Jason Gabelman and Marc Bianchi to discuss Shell’s business model, including their decarbonization hub approach, pros and cons of blue hydrogen, demand for low-carbon products, policy considerations, and technical aspects of an emerging focus area for Shell and its peers.
- Episode 8: Carbon Capture and Sequestration in Canada with Shell – Tim Wiwchar, Shell Canada’s Carbon Capture and Sequestration (CCS) lead, joins Jason Gabelman to discuss two CCS projects, the operating Quest Facility and planned Polaris project, and considerations for CCS in Canada.
- Episode 9: Carbon Storage Evaluation with Core Lab – Core Lab’s Larry Bruno, Chairman and CEO, Alastair Crombie, VP of Reservoir Description, and Andrew Benson, VP of Corporate Sustainability & Energy Transition discuss how Core’s fossil fuel reservoir analysis is being used to evaluate CO2 storage sites.
- Episode 10: Carbon Credits and Blockchain with CarbonPath – Sam Arnold, Co-founder, and COO of CarbonPath Group, to discuss CarbonPath’s carbon offset credit business. This offering incentivizes the oil industry to safely plug and abandon mature oil and gas wells and use blockchain technology to ensure credit authenticity.
$125B in 2030 and >$500B in 2050 to Avoid The Worst?
Research has concluded that avoiding the worst consequences of climate change requires limiting the global temperature increase to 1.5°C above pre-industrial levels (1850-1900). In order to achieve this goal, human-caused CO2 emissions need to reach net zero by mid-century. Many governments and corporations have adopted targets aligned with this plan.
Global human-caused CO2 emissions are ~35-40 billion tonnes per year. Projections suggest reaching net zero will require ~1.7 billion tonnes of carbon capture per year by 2030 and over 7 billion tonnes per year by 2050, a significant increase compared to the ~40 million tonnes of CO2 capture currently. Assuming an average capture cost of $75 per tonne, these volumes could imply an industry size of ~$125B by 2030 and over $500B by 2050.
Policy Support Needed to Scale Up
While targets have been set, current policy and market signals are not yet sufficient to incentivize such investment. We see a combination of enhanced subsidy and carbon market pricing required to reach targets, aided by ultimately lower costs as the industry scales and new technologies are introduced. We see policy support for storage hubs being an important catalyst to solving the chicken and egg problem with carbon capture and lowering transport and storage costs.
Through our podcast series, we’ll explore the various applications for carbon capture, drivers of cost structure, current and future technologies, and hopefully identify which companies stand to benefit from the market’s potentially dramatic growth.
Episode 1: An Introduction to Carbon Capture
Marc Bianchi, Sustainability, Energy Transition, and Oilfield Services & Equipment Analyst, introduces his energy transition podcast series. He provides an overview of the carbon capture market, including emissions reduction targets, growth rates of capture, and the major drivers of cost structure. He also discusses Cowen’s unique ESG offerings including sector specific ESG research coverage, a dedicated ESG & sustainability policy analyst, and ESG scoring on all research reports.
For the full transcript click here.
Episode 2: Exploring Hydrogen and Carbon Capture
Simon Moore Vice President of Investor Relations & Sustainability at Air Products joins Cowen’s sustainability & energy transition analyst Marc Bianchi to discuss the company’s role in hydrogen production in steam methane reforming (SMR) and gasification as it relates to hydrogen with carbon capture.
For the full transcript click here.
Episode 3: Carbon Capture and Hydrogen Equipment Technology with Baker Hughes
Chris Barkey, Chief Technology Officer of the TPS division at Baker Hughes joins Marc Bianchi, Industrial Gas & Equipment and Oilfield Services & Equipment Analyst to discuss the company’s offerings and product development in compressors, turbines and other capabilities available to serve hydrogen and carbon capture.
For the full transcript click here.
Episode 4: Carbon Capture as a Service with Aker Carbon Capture
David Phillips, Head of U.K. and Investor Relations of Aker Carbon Capture, joins Marc Bianchi, Industrial Gas & Equipment and Oilfield Services & Equipment Analyst to discuss carbon capture technology, various plant designs, and carbon capture as a service.
For the full transcript click here.
Episode 5: Carbon Capture & Sequestration Along the Gulf Coast With Talos Energy
Talos Energy CEO Tim Duncan, and EVP of Low Carbon Strategy, Robin Fiedler join Industrial Gas Equipment and Energy Oilfield Services & Equipment Analyst, Marc Bianchi, and Next Generation Materials and Oil and Gas Exploration & Production Analyst David Deckelbaum. They discuss carbon capture initiatives along the Gulf Coast and their outlook for this emerging growth segment.
For the full transcript click here.
Episode 6: Cryogenics and Carbon Capture with Chart Industries
Chart Industries CEO, Jill Evanko, along with Earthly Labs and Sustainable Energy Solutions (SES) Founder/CEOs Amy George and Andy Baxter, join Energy Oilfield Services & Equipment Analyst Marc Bianchi to discuss how Chart’s suite of cryogenic equipment and services complement a growing portfolio of clean offerings, with a focus on carbon capture, utilization, and storage.
For the full transcript click here.
Episode 7: Carbon Capture and Sequestration in the U.S. with Shell
Lee Stockwell, General Manager of Shell, who focuses on Shell’s U.S Carbon Capture & Sequestration (CCS) business & footprint, joins Next Generaion Fuels, Integrated Oil/Refining & Marketing, and Liquified Natural Gas Analyst Jason Gabelman and Industrial Gas & Equipment and Oil Services & Equipment Analyst Marc Bianchi. They discuss Shell’s business model, including their decarbonization hub approach, pros and cons of blue hydrogen, demand for low-carbon products, policy considerations, and technical aspects of an emerging focus area for Shell and its peers.
For the full transcript click here.
Episode 8: Carbon Capture and Sequestration in Canada with Shell
Tim Wiwchar, Shell Canada’s Carbon Capture and Sequestration (CCS) lead, joins Next Generation Fuels, Integrated Oil/Refining & Marketing, and U.S. Liquefied Natural Gas Analyst Jason Gabelman to discuss two CCS projects, the operating Quest Facility and planned Polaris project. They also cover considerations for CCS in Canada.
For the full transcript click here.
Episode 9: Carbon Storage Evaluation with Core Lab
Core Lab’s Larry Bruno, Chairman and CEO, Alastair Crombie, VP of Reservoir Description, and Andrew Benson, VP of Corporate Sustainability & Energy Transition discuss how Core’s fossil fuel reservoir analysis is being used to evaluate CO2 storage sites with Marc Bianchi, Industrial Gas & Equipment and Energy Oilfield Services & Equipment Analyst
For the full transcript click here
Episode 10: Carbon Credits and Blockchain with CarbonPath
Sam Arnold, Co-founder, and COO of CarbonPath Group, joined Cowen’s Industrial Gas & Equipment and Energy Oilfield Services & Equipment Analyst, Marc Bianchi, and Next Generation Materials and Oil and Gas Exploration & Production Analyst, David Deckelbaum, to discuss CarbonPath’s carbon offset credit business. This offering incentivizes the oil industry to safely plug and abandon mature oil and gas wells and use blockchain technology to ensure credit authenticity.
For the full transcript click here
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