WASHINGTON DC – The U.S. Department of Energy (DOE) today announced more than $2.3 billion for three efforts to advance various carbon management approaches that reduce carbon dioxide (CO2) pollution, treat the impacts of climate change and create well-paying jobs while prioritizing community engagement and environmental justice. The first is a $2.25 billion Notice of Intent (NOI), funded by the bipartisan Presidential Infrastructure Act, to accelerate geological carbon storage projects, each capable of permanently storing at least 50 million metric tons of CO2 captured – equivalent to the emissions of approximately 10 million gasoline-powered cars per year. In addition, the DOE issued two funding opportunities, totaling $91 million, to increase the number of CO2 storage sites available and to advance critical carbon management technologies. Expanding commercial capacity for CO2 storage and related industries will provide economic opportunities for hard-hit communities and help achieve President Biden’s goal of achieving a just transition to a net-zero economy by 2050.
“Last month we saw the highest levels of atmospheric CO2 emissions in history, underscoring that our efforts to tackle climate change will be inconsequential unless we act now to manage greenhouse gas emissions that currently put public health and our environment at risk,” said U.S. Secretary of Energy Jennifer M. Granholm. “The President’s budget commitments, coupled with investments from his bipartisan Infrastructure Act, will enable the United States to develop advanced technologies to capture, remove, and store CO2 safely and efficiently while revitalizing the communities that power this country for generations.”
Greenhouse gas (GHG) emissions, of which CO2 is the main component, have increased significantly in recent decades. GHGs fuel global warming, increase the risk of droughts and floods, and endanger our agriculture, health and water supply. Enabling the development of a suite of carbon management approaches can help reduce GHG emissions and address their impact on climate change.
Carbon dioxide removal (CDR) pathways, such as direct air capture with storage, remove CO2 pollution directly from the atmosphere to reduce CO2 concentration and mitigate the impacts of climate change. Carbon capture and storage (CCS) technologies mitigate CO2 emissions from point sources such as power plants and industrial facilities, by capturing and storing the CO2 they produce. CCS and CDR have the potential to mitigate and eliminate hundreds of millions of tons of CO2 emissions per year.