Big oil and gas firms deepen investment in CO₂ capture

Carbon capture companies find themselves in an odd position. They exist because of the threat of climate change, a problem created largely by fossil fuels. At the same time, the firms that extract and burn fossil fuels are often their main customers—and their primary investors. That tension is on full display in recent acquisitions and funding rounds. Earlier this month, the carbon capture solvent start-up Ion Clean Energy raised $45 million in a series A funding round led by Chevron. Ion says its ICE-31 liquid amine solvent stays intact longer and captures more carbon dioxide from common emission streams than conventional options can. Chevron says that it plans to integrate ICE-31 into its growing carbon capture and storage (CCS) business. In 2023, the company bought a 50% stake in Bayou Bend, a CCS project near Houston, and invested in the carbon capture technology firms Carbon Clean Solutions and Svante. In