As we discussed in our previous post, carbon capture is one of the few energy issues that boasts a long history of bipartisan support. Following the inaugural Global Clean Energy Action Forum, an event hosted by U.S. Secretary of Energy Jennifer Granholm that engages nations around the world in facilitating a clean energy transition.
As part of the event, the Department of Energy (DOE) made a host of new funding announcements, including $4.9 billion for carbon management programs.
“The funding from President Biden’s Bipartisan Infrastructure Law will support three programs to help drive the demonstration and deployment of carbon capture systems, along with carbon transport and storage infrastructure. Large-scale deployment of carbon management technologies is crucial to addressing the climate crisis and meeting President Biden’s goal of a net-zero greenhouse gas emissions economy by 2050, which will both protect existing industrial jobs and create new ones.”
One of the funding announcements is specifically focused on supporting the development of new large-scale storage projects and associated infrastructure.
DOE 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.
Since January 2021, building on the legacy of previous administrations, DOE has invested more than $242 million in R&D projects and studies to advance carbon management approaches that include carbon capture, utilization, and storage. As CAP has covered before, this funding for carbon capture is critical to efficiently reaching a lower-carbon future without compromising our economy and workforce.