The world seems to be racing against time to achieve zero emissions by 2050.
Already, a growing coalition of more than 70 countries, including the biggest polluters — the United States, China and the European Union — has pledged and set a net-zero target, covering about 76% of global emissions.
As put by the United Nations, net-zero means cutting greenhouse gas emissions to as close to zero as possible — with any remaining emissions re-absorbed from the atmosphere by oceans and forests.
To reduce carbon emissions by 45% by 2030 and reach net zero by 2050, experts recommend replacing fossil fuel energy sources like oil, gas and coal with renewable energy sources like solar and wind. The energy sector could help avert the adverse effects of climate change because it contributes about three-quarters of greenhouse gas emissions today.
Recommendations for a shift toward renewable energy could create opportunities for companies like NRG Energy Inc. NRG, UGI Corp. UGI and Viking Energy Group Inc. VKIN, which are reportedly ramping up the generation of clean energy.
Advancing Toward A Net Zero Future?
Steps taken by Viking, a growth-oriented energy company, could hint to the company heeding the U.N.’s call and having started advancing technologies in the net-zero area.
The company announced on April 4th that its license from ESG Clean Energy LLC, developers of net-zero carbon footprints and clean energy solutions for distributed power generation, now includes a new patent.
The new patent, issued in March, concerns a bottoming cycle power system and its related impact on carbon capture technology.
It is the latest patent acquired for ESG’s portfolio of newer power generation technologies designed to make natural-gas-fueled power generation maintain high efficiency without losing energy in the carbon capture process.
It could make capturing carbon dioxide more economically feasible and more environmentally friendly.
“The new patent covers the invention of an ‘exhaust-gas-to-exhaust-gas heat exchanger’ that efficiently cools — and then reheats — exhaust from a primary power generator so greater energy output can be achieved by a secondary power source with safe ventilation,” Viking said in a statement.
Another key aspect of the new patent, the company explained, is the development of a carbon dioxide capture system that uses the waste heat of the carbon dioxide pump to heat and regenerate the adsorber that enables the CO2 to be safely contained and packaged.
“Acquiring this patent greatly expands our ability to better capture carbon — and use it to make something beneficial — whenever natural gas is used to produce electricity,” ESG President Nick Scuderi said.
He said the patent is “very important progress for a world that’s forced to still depend on fossil fuels while trying to meet new emissions standards. Until the renewable power industry can meet the rising global power demands, this technology addresses that challenge tremendously.”
Viking’s license regarding ESG’s patent rights and know-how related to stationary electric power generation, including methods to use heat and capture carbon dioxide, is exclusive for an unlimited number of systems in Canada. It is nonexclusive for up to 25 locations in the United States.
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