DOE Commits $3.7 BIL To Carbon Capture

Biden-Harris Administration Announces $3.7 Billion to Kick-Start America’s Carbon Dioxide Removal Industry; Four Bipartisan Infrastructure Law Programs Will Drive the Commercialization of Technologies Helping Remove CO2 Directly from the Atmosphere, Deliver Cleaner Air, Generate Good- Paying Jobs

December 13, 2022 (U.S. Department of Energy)

“…[Four programs that will help build a commercially viable, just, and responsible carbon dioxide removal industry in the United States will be] funded with $3.7 billion from President Biden’s Bipartisan Infrastructure Law…[They] will help accelerate private-sector investment, spur advancements in monitoring and reporting practices for carbon management technologies, and provide grants to state and local governments to procure and use products developed from captured carbon emissions…

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In addition to this funding through the Bipartisan Infrastructure Law, President Biden’s Inflation Reduction Act features substantial improvements to the federal Section 45Q tax credit for the capture and geologic storage of CO2, which will provide substantial complementary incentives. DOE’s analysis estimates that actions taken through the Inflation Reduction Act and the Bipartisan Infrastructure Law will drive 2030 economy-wide greenhouse gas emissions to 40% below 2005 levels…

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…[New efforts from the following Bipartisan Infrastructure Law include a] Direct Air Capture Commercial and Pre-Commercial Prize…Regional Direct Air Capture Hubs…Carbon Utilization Procurement Grants…[and a] Bipartisan Infrastructure Law Technology Commercialization Fund (TCF)…The Bipartisan Infrastructure Law programs support the goals of DOE’s Carbon Negative Shot initiative, which calls for innovation in carbon dioxide removal pathways that will capture CO2 from the atmosphere and store it at gigaton scales for less than $100/net metric ton of CO2-equivalent…” click here for more

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