US DOE Reveals First Winners of $2.25B Carbon Storage Program
The U.S. Department of Energy (DOE) has opened a $2.25 billion funding program for carbon sequestration or CO2 capture and storage projects to more applicants after selecting the first batch of 9 winners with a $242 million funding round.
The $4.9B Funding from Bipartisan Infrastructure Law
In November 2021, President Joe Biden signed the Bipartisan Infrastructure Law, a once-in-a-generation investment to tackle the climate crisis. The law earmarked about $12 billion to carbon management, specifically to carbon capture, storage, and transportation of CO2.
Under this law, the DOE revealed its $4.9 billion funding for 3 carbon management demonstration and deployment programs. These funding opportunities seek to slash emissions from power generation and sectors that are difficult to decarbonize like steel and cement.
According to the Energy Secretary, Jennifer Granholm, the series of funding initiatives are crucial in meeting Biden’s goal to reach a net zero economy by 2050.
The Department also launched four programs with $3.7 billion funding to help scale up the carbon dioxide removal industry. These include the $115 million prize awards to Direct Air Capture technologies to bolster different approaches to DAC. The program also includes building regional DAC hubs in the country.
DOE’s $2.25B Program for Carbon Capture and Storage
One of the Department’s new funding opport( article continues at CarbonCredits.com )