Possibly! Researchers at Argonne National Laboratory have taken carbon dioxide and water and used it to make...ethanol.
We use ethanol in a lot of things. Not just fuel.
Essentially, think of this as a kind of catalytic converter for factories, which takes the waste carbon dioxide and turns it into ethanol. It uses a bit of electricity, but not that much, and the system can be designed to run off peak.
Ethanol can then be used to fuel things which don't run well on electricity and in plastic production.
This could actually be awesome if it scales up.
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