Princeton University has started a long-term partnership with BP and Ford Motor Company to develop solutions to the greenhouse problem.
BP has pledged $15 million and Ford $5 million over 10 years to fund a project called the Carbon Mitigation Initiative (CMI). It is the largest corporate grant in Princeton’s history. The goal is to develop and evaluate methods for keeping carbon emissions, the main contributor to greenhouse warming, out of the atmosphere by stowing it safely within the earth, an approach known as carbon sequestration.
The project will assess whether these methods will have the desired effect on atmospheric carbon and climate, be safe and reliable and have limited environmental impact and involve neither prohibitive economic costs nor prohibitive disruptions in patterns of energy consumption.
A key component of this work will be to evaluate the feasibility of switching to alternative, hydrogen fuels. Such fuels would be created by transforming conventional fossil fuels into hydrogen and carbon dioxide. The hydrogen would be used as fuel and the carbon, in the form of carbon dioxide, would be returned to underground reservoirs similar to the ones from which it came.
On October 18th, 2000 Ford Motor Company reported third quarter net income of $888 million, or 53 cents per diluted share of common and Class B stock.
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