US Department of Energy to invests $100 million in CO2 removal industry
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The US Department of Energy’s Office of Fossil Energy and Carbon Management announced a $100 million investment to help develop a commercially viable carbon dioxide removal industry in the United States.
This funding will support the construction of pilot projects and testing facilities for carbon dioxide removal technologies. These technologies aim to remove CO2 directly from the atmosphere and store it in geological, biobased, and ocean reservoirs or convert it into value-added products. The funding hopes to accelerate the commercialization and deployment of carbon dioxide removal technologies, helping the US reach its net-zero emission goal.
🆕 #FECM announces $100M to test and demonstrate carbon dioxide removal technologies that reduce CO2 pollution to help achieve the Biden-Harris Administration’s goal of net-zero emissions by 2050. #CarbonNegativeShot ➡️ https://t.co/75ktPJDQCD pic.twitter.com/TKsFBnECVu
— DOE Fossil Energy and Carbon Management (@FECMgov) February 12, 2024
The funding will also support the Carbon Negative Shot initiative, launched in 2021 as a part of the Energy Earthshots Initiative, which hopes to reduce the cost of CO2 removal from the atmosphere to less than $100 per net metric ton of CO2-equivalent by 2032.
Also read: Global CO2 removal market: Report identifies key developments & market trends
The funding will focus on three areas:
- Small Biomass Carbon Removal and Storage Pilots
- Small Mineralization Pilots
- Multi-Pathways Carbon Dioxide Removal Testbed Facilities
“As we continue to deploy technologies to build a clean energy and industrial economy, carbon dioxide removal is needed to counterbalance emissions from sectors such as agriculture and shipping,” said Brad Crabtree, Assistant Secretary of Fossil Energy and Carbon Management, in a release. “DOE’s funding of carbon dioxide removal technology pilots and testing facilities will help accelerate the commercialization and wider deployment of technologies that are essential, not only to achieving the Biden-Harris Administration’s net-zero goals but also to enabling the clean-up of legacy emissions thereafter.”
Also read: Carbon Capture and Storage market set to surge to $18.1 billion by 2033
Applicants of the funding must address societal considerations and engage with communities, emphasizing economic and environmental benefits, diversity, equity, inclusion, accessibility, workforce development, and quality jobs.
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