We can also get energy from other sources, such as solar radiation, but I think you get the gist - the most cost-effective way to carbon capture is not to release the carbon in the first place.
Besides most of the damage is already done.
EPA: It’s as if you’re sitting in your car, in your garage, with the engine running and the door closed, and you’ve slipped into unconsciousness. And that’s it.
McAvoy: What if someone comes and opens the door?
EPA: You’re already dead.
McAvoy: What if the person got there in time?
EPA: Then you’d be saved.
McAvoy: OK. So now what’s the CO2 equivalent of the getting there on time?
EPA: Shutting off the car 20 years ago.
https://www.youtube.com/watch?v=6CXRaTnKDXAEmissions affect the climate decades later, some 40 years later. So we're now only seeing the consequences of the emissions from the 70s-80s.
We've emitted more CO2 since the 80s to today, than the previous 150 years.
You're right that it won't mean the extinction of life on earth or humanity, but it might turn out to be the end of advanced human civilization if the bad end of the predictions come to pass. If there's not enough arable land left to support the human population, things will get very ugly very quickly.
If we had started working on this 40 years ago reaching zero emissions would be a realistic goal today, but even that is not enough now. Not only we need to reach zero emissions ASAP, but we also need strong negative emissions. And after that we need to figure out how to slow down the feedbacks (Arctic ice melting, methane, etc).
Maybe if ALL humanity was working towards those goals we would have a chance, but it's not even a priority for the vast majority of humans.
In essence, what we have to do is "all the energy output since the industrial revolution--do it again (plus then some), except this time instead of building civilization, capture co2 out of the air. And you must get all that energy from clean sources."
"Growing massive tropical rainforests" just means "inefficiently use solar energy (via photosynthesis) to bind carbon out of the air". We could do the same with solar panels and a carbon-binding chemical process.
But the issue is, again, the sheer magnitude of the problem.
Unfortunately we haven't invented the technology to implement your broad brush "solution" either.
In fact, I'm skeptical about the claim Climate Change could have been solved generations ago, given that we still haven't developed the means to do it yet.
Edit: okay, perhaps nuclear could provide us with the masses of power generation we need, but that's been ruled out.
Path dependence. We have not developed the means to solve climate change from where we are now.
So the billion dollar reward would be quite small sum in the grand scheme of things. And for example with a carbon tax, where collectors could offset emitters, it might also become a quite lucrative business.
Because it's too late. Unless magic non-existent carbon capture technology materializes soon, we're basically fucked.
https://www.vox.com/2016/10/4/13118594/2-degrees-no-more-fos...
Check out that middle graphic. If we really want to avoid 1.5 degrees, and we can’t rely on large-scale carbon sequestration, then the global community has to zero out its carbon emissions by 2026.
Ten years from now.
That article is two years old and, to state the obvious, global CO2 emissions are not on track to reach zero in the next eight years.
No we can't, because most of the CO2 has already been emitted: https://www.carbonbrief.org/analysis-four-years-left-one-poi...
Unless you invent a time machine, or as postulated by OP, some magic sequestration technology to pull CO2 out of the atmosphere and put it back in the ground, it's too late.
It's like we're in a car that's driven over a cliff, and you're saying "Well, we're still here, as long as we invent a way for this car to fly in the next 15 seconds before impact, then we'll be okay"
But who would pay for that? If there were the political will we would long have passed a simple carbon tax that, after some adjustment period, would be tied to the price of unburning a ton of CO2.
What we need is to invest in technology to reduce CO2. Nuclear fusion/fission, solar, wind, electric or alternative fuel cars, redesign CO2 industry processes, etc.
The petrol and coal industry would have to go entirely bankrupt. No exceptions.
The "plant trees for charcoal" idea is basically the bio-engineering method of "build huge photovoltaic solar plant, use electric energy to power chemistry to convert CO2 to oil". Photosynthetic plants are pretty efficient, compared to silicon solar cells, and they're (literally) dirt cheap.
But it’s a moot point anyway, because trees simply grow too slowly to be an effective carbon buffer at the timescales that are relevant right now.
Using them for building material is okay as well, but the amount of wood needed to get rid of the excess CO2 is far above any reasonable demand for building material. (We're talking about a trillion tons of carbon here)
Whatever you do with the biomass a hundred years from now doesn’t really matter; either climate change is in control by then or the humanity is screwed.
For example, when the Russian permafrost melts, it will release gigantic amounts of methane, a very potent greenhouse gas, into the atmosphere. Once that happens, not only do you have to capture all the CO2 you emitted, you also have to capture all that methane.
Also, you'll want to recreate the kilometers-thick ice sheets in the arctic. When those are gone, the earth's albedo will drop, which means that it heats up even more quickly since less sunlight is reflected.
We have found 3km wide crates in the deep sea formed by such methane deposits going nuclear, I doubt such an event would be pleasant for nearby coastal regions.
My takeaway was just like losing weight. It's more effective to eat less than to exercise. Here, it's bound to be better to burn less.
This was an electrochemical approach however. It's possible some bio guy will figure it out using photosynthesis.
This poses it's own problems though, one of which being the enormous amount of land you would need to dedicate to this process to have a meaningful impact.
> A $20 Million global competition to develop breakthrough technologies that will convert CO₂ emissions from power plants and industrial facilities into valuable products like building materials, alternative fuels and other items that we use every day. Teams will be scored on how much CO₂ they convert and the net value of their products.
The EU's ETS [1] is currently the biggest carbon market, regulating about 40% of EU emissions.
It does not grant rights to capturers that take CO2 out of the atmosphere - only to those that reduce the emissions at some plant or factory. Apparently this choice is partly because it's not clear how to make sure that the carbon sink is stable - that the CO2 won't get out again. [2]
Lets assume you could get emissions rights for removing CO2. Would this provide the incentive we want?
The current price for emissions rights is 15€ per 1000 tons of CO2 [3], so an operation to sequester all of the EU's emissions (3.4 * 10^9 t, 2014, [4]) would get a revenue of at most 50 million euro / year. Probably much less since the market would get flooded.
Why is this price so low? The ETS' cap could be too low. Also, the ETS does not really cap emissions at all. Only certain industries, like power or aluminium manufacturing need to present certificates [1b], hence the 40%. Also, industries which would be 'at risk' to leave the EU if they were forced to pay, get free certificates [5] - arguably these would pay the most for rights.
Overall the EU does seem to be doing something right though, since the overall emissions are going down [4]. But the ETS does not seem to internalize the carbon externality.
[0] https://en.wikipedia.org/wiki/Emissions_trading
[1] https://ec.europa.eu/clima/policies/ets_en
[1b] https://ec.europa.eu/clima/sites/clima/files/factsheet_ets_e...
[2] https://en.wikipedia.org/wiki/European_Union_Emission_Tradin...
[3] https://www.theice.com/products/197/EUA-Futures/data?marketI...
[4] https://data.worldbank.org/indicator/EN.ATM.CO2E.PC?location...
[5] https://ec.europa.eu/clima/policies/ets/allowances/leakage_e...