Billionaires Target Louisiana’s Carbon Capture Potential

Billionaire Funded Activism Threatens Louisiana’s Carbon Capture and Economic Advancement

According to a report by the Pelican Institute, several out-of-state billionaires, led by Bloomberg Philanthropies and the Bezos Earth Fund, have devoted over $115.5 million to fuel opposition to carbon capture initiatives in Louisiana. These movements are purportedly aimed at shutting down the state’s energy industry, a move that has reportedly cost Louisiana more than $600 billion in economic growth from 2009 to 2024 due to potential litigation and regulatory risks.

Beyond Petrochemicals: A Billion-Dollar Obstacle to Petrochemical Projects

In 2022, Bloomberg Philanthropies introduced Beyond Petrochemicals, an $85 million campaign aimed at inhibiting more than 120 proposed petrochemical and plastics projects throughout Louisiana, Texas, and the Ohio River Valley. This campaign, which has found footing in Louisiana via local organizations such as the Bucket Brigade and Rise St. James, is now focusing its efforts against carbon capture and storage (CCS), labeling it a “false solution” to reducing greenhouse gas emissions.

The Irony of the “Energy Transition” Campaign

Louisiana Against False Solutions (LAFS), a coalition of organizations opposing CCS projects in the state, has been a significant player in this campaign. LAFS-associated groups include Healthy Gulf and the 350.org New Orleans chapter, both of which received considerable funding from Bloomberg Philanthropies between 2021 and 2022. Interestingly, these organizations that claim to be striving for a “clean energy transition” are now directly disputing a technology explicitly intended to mitigate greenhouse gas emissions.

The International Energy Agency has confirmed that delays in CCS technology’s investment and innovation can negatively impact future emissions trajectories and slow the rate of achieving net-zero emissions. Furthermore, these organizations, often labeled as “environmental”, are now actively resisting the very technology they celebrated when the Inflation Reduction Act (IRA) introduced clean energy tax credits. This act substantially augmented federal tax credits for carbon capture and sequestration projects. Their opposition to investment in CCS directly contradicts their stated goal of reducing emissions.

Implications for Louisiana’s Economy

According to Louisiana’s economic development agency, more than $57 billion in proposed industrial investments associated with CCS are at risk due to this opposition, as reported by the Financial Times. ExxonMobil, CF Industries, and other companies are making significant investments based on the assumption that carbon capture infrastructure will be available. Continued opposition may force these companies to divert their investments elsewhere. Exxon senior vice president Dominic Genetti has warned that this could be “detrimental to the economy”.

Carbon capture could potentially be a significant economic advantage for Louisiana’s residents. A recent LSU analysis identified 13 announced projects with a carbon capture component, representing approximately $48 billion in total investment. The Greater Baton Rouge Economic Partnership (BRAC) counted 45 prospective projects in development as of August 2025 in the Greater Baton Rouge area alone. About half of these projects are carbon capture, utilization, and storage (CCUS) components, accounting for more than 90 percent of potential capital investment and nearly 80 percent of its direct jobs.

Carbon Capture Opposition: A Nationwide Issue

The same tactics used in Louisiana are being deployed across the country. In the Midwest, the Bold Alliance leads the charge against Summit Carbon Solutions’ multi-state CO2 pipeline. Jane Kleeb, founder and leader of the group, also chairs the Nebraska Democratic Party and serves as a vice-chair of the Democratic National Committee. Her group’s “Pipeline Fighters Hub” coordinates opposition in Iowa, Nebraska, and the Dakotas, while the Sierra Club led the litigation against the project.

Ultimately, the opposition to CCS in Louisiana, spearheaded by out-of-state activist groups, jeopardizes both the state’s economic growth and a critical technology for reducing emissions.