Forbes Technology Council Article Written by Dr. Jose Morey "From El Fuego To Innovation"

From El Fuego To Innovation

Jose Morey Forbes Councils Member

Forbes Technology Council COUNCIL POST| Membership (fee-based)

First Intergalactic Doctor, Chief Executive Officer of Ad Astra Media and Chief Health Officer of Ever Medical Technologies.

Climate effects over the last few decades have continued to accelerate. The Third and Fourth National Climate Assessment Reports, released by the U.S. Global Change Research Program, list several climate changes that the U.S. will continue to experience, from heat waves and heavy downpours to increasing ocean acidity and wildfires to decreased air and water quality.

With these increasing dangers to life and property comes an enormous psychological and emotional toll on families and an economic toll on private, state and federal budgets. In the last five years, the U.S. has experienced more than $500 billion in losses from climate-fueled weather disasters. According to a National Geographic article, that’s enough “to provide free tuition for the 13.5 million U.S. students enrolled in public colleges and universities for four years.”

Then there are the hidden costs. A report by the Universal Ecological Fund estimates the economic losses from extreme weather combined with the health costs of water and air pollution in the decades to come will be at least $360 billionannually, potentially crippling U.S. economic growth and allowing adversarial nation-states to gain further ground.

So, what must be done to mitigate this current and worsening disaster? Every complex problem requires a multifaceted solution. It won’t be just one sector that needs to address this issue to mitigate change; it will take a concerted effort from the public and private sectors across nations to make a real impact.

One already established sector that can cut emissions and air pollution and benefit the U.S. economy is renewable energy. We already know that switching to clean energy and away from fossil fuels can improve air quality and reduce health care costs. It is also reported that doubling the share of renewable energy can lead to up to 500,000 new jobs for the U.S. economy. According to the first national study on renewable energy programs, the U.S. could save up to $97 billion in air pollution health costs and $161 billion in climate change damage if existing renewable portfolio standards (RPS) programs continue unchanged from now until 2050.

But there is a growing innovative technology sector that is now leading the charge to not just mitigate climate change but reverse its current devastating effects. This technology is carbon capture and utilization (CCU). This isn’t a new technology, but it has gained new life due to advances in synthetic biology. These advances and the importance of this technology have attracted top investors and innovators such as Elon Musk and Bill Gates.

For years, CO2 emissions have simply been a waste product for many industries — a product that leads to negative consequences to the climate. The new wave of CCU companies leveraging synthetic biology, however, are using science and technology to change a byproduct to big business. CO2 is a molecular building block. Like Legos, you can split the molecules apart and use them to create new products — anything that requires carbon or oxygen. This list includes bioplastics, methanol, nanoparticle coating, carbon fiber nanotubes, space manufacturing, carbonated drinks, food, enhanced oil recovery, designer fuels, diamonds and biomining.

One company participating in this revolution is Cemvita Factory (full disclosure: I serve as an advisor for Cemvita Factory). Cemvita imagines a future where they will have removed more than one gigaton of CO2 from the atmosphere by 2050. It was created by a sister and brother team with a deep understanding of synthetic biology and the energy sector. They have created more than 30 synthetic pathways, each capable of recycling over 500,000 tons of CO2 per year.

Then there is Climeworks, a direct CO2 capture company that has projects in various countries, including Iceland, Switzerland and Italy, to develop plant feedstock, fuel and other products. Newlight, another CO2 capture company, is utilizing the technology to create a polymer that can be turned into desk chairs, computer packaging and smartphone covers. These companies are leading the charge to create a carbon-negative future that helps turn a byproduct into billions.

These advances don’t just have a direct impact on the private sector but also have the opportunity to reduce the aforementioned federal costs and health care expenditures. The combined effects of continued RPS strategy with the implementation of novel CCU technology could lead to a cumulative health savings and climate impact cost reduction of over $1.1 trillion.

Many of today’s scientists and entrepreneurs are on a mission to fight climate change with cost-effective carbon-negative solutions that result in climate-positive results. Technology innovation is laying the pathway to help humanity in the energy transition we need to mitigate climate change. Let’s use the greatest challenge of our time as the greatest opportunity to harness the power of nature and the intelligence of biology to create a better future for all.

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