Carbon priceCarbon pricing (or pricing) is a method for nations to address climate change. The cost is applied to greenhouse gas emissions in order to encourage polluters to reduce the combustion of coal, oil and gas – the main driver of climate change. The method is widely agreed and considered to be efficient. Carbon pricing seeks to address the economic problem that emissions of and other greenhouse gases (GHG) are a negative externality – a detrimental product that is not charged for by any market.
Reservoir modelingIn the oil and gas industry, reservoir modeling involves the construction of a computer model of a petroleum reservoir, for the purposes of improving estimation of reserves and making decisions regarding the development of the field, predicting future production, placing additional wells and evaluating alternative reservoir management scenarios. A reservoir model represents the physical space of the reservoir by an array of discrete cells, delineated by a grid which may be regular or irregular.
Thermal expansionThermal expansion is the tendency of matter to change its shape, area, volume, and density in response to a change in temperature, usually not including phase transitions. Temperature is a monotonic function of the average molecular kinetic energy of a substance. When a substance is heated, molecules begin to vibrate and move more, usually creating more distance between themselves. Substances which contract with increasing temperature are unusual, and only occur within limited temperature ranges (see examples below).
Carbon dioxide removalCarbon dioxide removal (CDR), also known as carbon removal, greenhouse gas removal (GGR) or negative emissions, is a process in which carbon dioxide gas () is removed from the atmosphere by deliberate human activities and durably stored in geological, terrestrial, or ocean reservoirs, or in products. In the context of net zero greenhouse gas emissions targets, CDR is increasingly integrated into climate policy, as an element of climate change mitigation strategies.
Yield (engineering)In materials science and engineering, the yield point is the point on a stress-strain curve that indicates the limit of elastic behavior and the beginning of plastic behavior. Below the yield point, a material will deform elastically and will return to its original shape when the applied stress is removed. Once the yield point is passed, some fraction of the deformation will be permanent and non-reversible and is known as plastic deformation.
Stress–strain analysisStress–strain analysis (or stress analysis) is an engineering discipline that uses many methods to determine the stresses and strains in materials and structures subjected to forces. In continuum mechanics, stress is a physical quantity that expresses the internal forces that neighboring particles of a continuous material exert on each other, while strain is the measure of the deformation of the material. In simple terms we can define stress as the force of resistance per unit area, offered by a body against deformation.
Direct air captureDirect air capture (DAC) is the use of chemical or physical processes to extract carbon dioxide directly from the ambient air. If the extracted is then sequestered in safe long-term storage (called direct air carbon capture and sequestration (DACCS)), the overall process will achieve carbon dioxide removal and be a "negative emissions technology" (NET). As of 2022, DAC has yet to become profitable because the cost of using DAC to sequester carbon dioxide is several times the carbon price.
Carbon taxA carbon tax is a tax levied on the carbon emissions required to produce goods and services. Carbon taxes are intended to make visible the "hidden" social costs of carbon emissions, which are otherwise felt only in indirect ways like more severe weather events. In this way, they are designed to reduce greenhouse gas emissions by increasing prices of the fossil fuels that emit them when burned. This both decreases demand for goods and services that produce high emissions and incentivizes making them less carbon-intensive.
Carbon sinkA carbon sink is anything, natural or otherwise, that accumulates and stores some carbon-containing chemical compound for an indefinite period and thereby removes carbon dioxide () from the atmosphere. These sinks form an important part of the natural carbon cycle. An overarching term is carbon pool, which is all the places where carbon can be (the atmosphere, oceans, soil, plants, and so forth). A carbon sink is a type of carbon pool that has the capability to take up more carbon from the atmosphere than it releases.
Carbon emission tradingEmission trading (ETS) for carbon dioxide (CO2) and other greenhouse gases (GHG) is a form of carbon pricing; also known as cap and trade (CAT) or carbon pricing. It is an approach to limit climate change by creating a market with limited allowances for emissions. This can lower competitiveness of fossil fuels and accelerate investments into low carbon sources of energy such as wind power and photovoltaics. Fossil fuels are the main driver for climate change. They account for 89% of all CO2 emissions and 68% of all GHG emissions.
