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Waste carbon dioxide from power plants and factories could be transformed into a range of useful products thanks to a new technology developed by Norwegian risk management firm DNV.
The company, which typically specialises in providing consultancy and certification services, this week announced that it has developed a process to convert the gas into formic acid - a substance that is in demand as a chemical feedstock and is commonly used by antibacterial agents, energy storage, and de-icing solutions.
Dr Narasi Sridhar, DNV's research and innovation director, said the process requires less energy per ton of CO2 than most other electrochemical conversion techniques and can also be used to generate carbon monoxide, another valuable chemical feedstock.
Presenting the new research at the World Future Energy Summit in Abu Dhabi this week, DNV executives said that turning waste CO2 from a liability into a resource could make economic sense for emitters as it was likely to prove substantially cheaper than pumping the gas into underground formations.
The company also suggested the procedure could be made greener by using renewable energy with a demonstration that saw the prototype reactor installed in a solar-powered trailer.
Dr Sridhar said that the improvements in CO2 utilisation technologies could revolutionise the way the global industry treats the gas.
"We have improved catalysts, reduced cell voltages, constructed a CO2 value chain model, examined energy and CO2 balances, modelled a scale process, and performed financial and profitability analyses for the process," he said. "CO2 utilisation will make a positive impact in the future for refineries, steel mills, cement and asphalt production, manufacturing, and even shipping... we are therefore seeking progressive partners to bring CO2 utilisation to maturity."