Can geoengineering save the planet?
At Future Super we're always looking for climate solutions and reasons to be hopeful about how we can all move away from fossil fuels and towards a decarbonised economy.
We’re not the only ones with our eyes on climate solutions. Scientists, governments and some of the world’s biggest companies are looking to technology to help fast-track some fixes. That’s why geoengineering – technology-led climate innovation – has become a muti-billion-dollar industry.
Most geoengineering concepts aim to either suck carbon out of the atmosphere by capturing and storing it or try to cool the planet. If that sounds like science fiction, it's because it kind of is.
Fossil fuel companies are relying on geoengineering to meet their net zero commitments. The trouble is, many of these ideas are unproven, and illustrate a blind faith in technology to solve complex problems.
A US company sells ‘cooling credits’, based on the idea that volcanic eruptions release Sulphur dioxide into the atmosphere which blocks out sunlight. For a fee, they send a balloon up to burst and release Sulphur dioxide based on this theory.
There are concerns about the unforeseen consequences of this technology. Computer modelling showed that aerosol releases of Sulphur dioxide like this could overheat the equatorial troposphere, fuelling larger-scale extreme weather around the world.
But the big issue with geoengineering solutions is that they’re a distraction, and they don’t reduce or avoid carbon emissions.
Future Super invests in climate solutions and doesn’t invest in the fossil fuel industry. We want to see investment channeled towards things we know work. Keeping money out of the fossil fuel industry is a powerful mechanism for change, especially when we can invest it in climate solutions instead.
Technological innovation does have a huge role to play in the fight against climate change. We need to keep developing climate solutions like grid-level battery storage and clean energy.
Future Super invests in companies that develop renewable energy technologies such as wind, solar, geothermal, hydro and bioenergy as well as energy optimisation technologies such as smart grid, sustainable mobility, precision agriculture and energy storage.
The fight against climate change needs innovation, but our investment focus is on moving forward from fossil fuels and towards a future worth retiring into.
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