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Power plants and industrial facilities that emit carbon dioxide, the primary driver of global warming, are hopeful that Congress will keep tax credits for capturing the gas and storing it deep underground.The process, called carbon capture and sequestration, is seen by many as an important way to reduce pollution during a transition to renewable energy.But it faces criticism from some conservatives, who say it is expensive and unnecessary, and from environmentalists, who say it has consistently failed to capture as much pollution as promised and is simply a way for producers of fossil fuels like oil, gas and coal to continue their use.Here’s a closer look: How does the process work? Carbon dioxide is a gas produced by burning of fossil fuels. It traps heat close to the ground when released to the atmosphere, where it persists for hundreds of years and raises global temperatures.Industries and power plants can install equipment to separate carbon dioxide from other gases before it leaves the smokestack. The carbon then is compressed and shippedusually through a pipelineto a location where it’s injected deep underground for long-term storage.Carbon also can be captured directly from the atmosphere using giant vacuums. Once captured, it is dissolved by chemicals or trapped by solid material.Lauren Read, a senior vice president at BKV Corp., which built a carbon capture facility in Texas, said the company injects carbon at high pressure, forcing it almost two miles below the surface and into geological formations that can hold it for thousands of years.The carbon can be stored in deep saline or basalt formations and unmineable coal seams. But about three-fourths of captured carbon dioxide is pumped back into oil fields to build up pressure that helps extract harder-to-reach reservesmeaning it’s not stored permanently, according to the International Energy Agency and the U.S. Environmental Protection Agency. How much carbon dioxide is captured? The most commonly used technology allows facilities to capture and store around 60% of their carbon dioxide emissions during the production process. Anything above that rate is much more difficult and expensive, according to the IEA.Some companies have forecast carbon capture rates of 90% or more, “in practice, that has never happened,” said Alexandra Shaykevich, research manager at the Environmental Integrity Project’s Oil & Gas Watch.That’s because it’s difficult to capture carbon dioxide from every point where it’s emitted, said Grant Hauber, a strategic adviser on energy and financial markets at the Institute for Energy Economics and Financial Analysis.Environmentalists also cite potential problems keeping it in the ground. For example, last year, agribusiness company Archer-Daniels-Midland discovered a leak about a mile underground at its Illinois carbon capture and storage site, prompting the state legislature this year to ban carbon sequestration above or below the Mahomet Aquifer, an important source of drinking water for about a million people.Carbon capture can be used to help reduce emissions from hard-to-abate industries like cement and steel, but many environmentalists contend it’s less helpful when it extends the use of coal, oil and gas.A 2021 study also found the carbon capture process emits significant amounts of methane, a potent greenhouse gas that’s shorter-lived than carbon dioxide but traps over 80 times more heat. That happens through leaks when the gas is brought to the surface and transported to plants.About 45 carbon-capture facilities operated on a commercial scale last year, capturing a combined 50 million metric tons of carbon dioxidea tiny fraction of the 37.8 gigatonnes of carbon dioxide emissions from the energy sector alone, according to the IEA.It’s an even smaller share of all greenhouse gas emissions, which amounted to 53 gigatonnes for 2023, according to the latest report from the European Commission’s Emissions Database for Global Atmospheric Research.The Institute for Energy Economics and Financial Analysis says one of the world’s largest carbon capture utilization and storage projects, ExxonMobil’s Shute Creek facility in Wyoming, captures only about half its carbon dioxide, and most of that is sold to oil and gas companies to pump back into oil fields. Future of US tax credits is unclear Even so, carbon capture is an important tool to reduce carbon dioxide emissions, particularly in heavy industries, said Sangeet Nepal, a technology specialist at the Carbon Capture Coalition.“It’s not a substitution for renewables . . . it’s just a complementary technology,” Nepal said. “It’s one piece of a puzzle in this broad fight against the climate change.”Experts say many projects, including proposed ammonia and hydrogen plants on the U.S. Gulf Coast, likely won’t be built without the tax credits, which Carbon Capture Coalition Executive Director Jessie Stolark says already have driven significant investment and are crucial U.S. global competitiveness.They remain in the Senate Finance Committee’s draft reconciliation bill, after another version passed the House, though the Carbon Capture Coalition said inflation has already slashed their value and could limit projects. Associated Press reporter Jack Brook in New Orleans contributed to this report. The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org. Tammy Webber, Associated Press
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Rite Aid has selected a successful bidder for its Thrifty Payless subsidiary, which includes the beloved Thrifty ice cream brand, according to a bankruptcy court filing on Thursday. The buyer was identified as Hilrod Holdings, a limited partnership linked to Hilton Schlosberg and Rodney Sacks, top executives at the energy drink company Monster Beverage Corporation. Hilrod is seeking to pay $19.2 million for Thrifty’s assets, the filing revealed. The partnership is mostly known for its real estate investments Thrifty ice cream is available at scoop counters located inside many Rite Aid locations in addition to being sold by third-party retailers. It was not immediately clear what Hilrod plans to do with Thrifty should the sale be approved by the court. A hearing on the matter is scheduled for June 30. Fast Company reached out to a lawyer for Hilrod Holdings, and representatives for Monster Beverage and Rite Aid for comment. We will update this story if we hear back. Schlosberg and Sacks had until recently been co-CEOs of Monster Beverage. A filing with the Securities and Exchange Commission (SEC) revealed that Sacks planned to retire this month, while Schlosberg would continue to lead the company. Thrifty Ice Cream caught up in Rite Aid’s bankruptcy The fate of Thrifty ice cream has been uncertain since Rite Aid announced in early May that it would see Chapter 11 bankruptcy protection for a second time. The embattled pharmacy chain is winding down its operations, closing or selling its physical stores, and has sold off most of its prescription files to competitors, including CVS and Walgreens. The Thrifty brand stretches back decades in Los Angeles, where it was sold at soda fountain counters inside the Thrifty Drug Store chain. It became part of Rite Aid through Rite Aid’s purchase of Thrifty Payless in 1996. This story is developing and could be updated.
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An opportunity to choose chance. Thats what social platform startup 222 claims to offer its members. It isnt a dating apptheres no swiping, and, more notably, theres no actual choosing of who you might be meeting. Instead, an AI-driven algorithm does it for you. We wanted people to be out and meeting each other.It was [based] on this whole idea of the death of third places, and that people arent just running into each other anymore, says 222 cofounder and chief operations officer Danial Hashemi. Theres no more chance encounters, so the whole [algorithm] has always been about engineering chance. A backyard origin story In 2021, twenty-something-year-old friends Keyan Kazemian, Arman Roshannai, and Hashemi came up with the idea for 222 as part of an independent research project. They created a personality questionnaire and asked friends and strangers to complete it. Participants were grouped based on their answers, then invited to Kazemians backyard for wine and food. Afterward, the trio would assess how well everyone got along. It convinced us of two things: one, it is possible to solve the social isolation problem by using machine learning and AI, and two, that even at its [initial] stage, with just us randomly assigning people, they enjoyed it so much, Hashemi says. Social isolation isnt a new problem in our increasingly digitized lives, but it remains a persistent one. Despite access to every niche thought, community, or subreddit imaginable, society is, statistically, lonelier than ever. According to a 2023 report from the Department of Health and Human Services, we are experiencing an epidemic of loneliness. Between 2003 and 2020, time spent alone increased by 24 hours per month nationwide. Over the same period, time spent engaging with others dropped by 10 hours per month. In 2018, only 16% of Americans felt connected to their communities. So, can AI truly be the cure to social isolation? Hashemi thinks it canthrough 222, which he believes can deepen relationships and connect people to their cities. How it works The name 222 comes from the street address in Los Angeles where the idea was first developed. The platform is accessible via both app and website. There are no profile photo uploads, and the experience begins with what feels like the final boss of personality quizzes. With prompts ranging from favorite movies to political views to how likely would you be to do cocaine?, the algorithm gathers input through a labyrinth of questions. These span categories like identity, interests, and media, shaping each users curation profile. Eventually, users receive curated invite cards to activities like dinner and a comedy club or pickleball and lunch, matched to their algorithmic personality type. To acceptand to help fund the app alongside its investor backingusers can pay a per-event curation fee of $22.22, subscribe monthly for the same price, or choose a discounted three-month or annual plan. Were not trying to be some novel experience that someone tries one time and then doesnt come back, Hashemi says. Were trying to build the lasting product that people build their social infrastructure on top of. After each group event, users can give feedback on whether theyd like to hang out or date specific individuals. This helps fine-tune the algorithm and increases the retainment factor, according to Hashemieither deepening existing connections or making space for new ones. It just feels like were more divided than ever and theres more echo chambers than ever, Hashemi says. All of these social media platforms are only showing you what you love and arent challenging you. Originally launched in L.A., 222 has since expanded to New York City, San Francisco, and most recently, Chicago. To date, 222 has raised $3.6 million in seed and angel investments from the likes of General Catalyst, Y Combinator, Upfront Ventures, and the 1517 Fund. On July 2, the platform will become available internationally for the first time, launching in Toronto, with London and D.C. to follow later in the month.
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