The first is a Notice of Intent for $2.25 billion, funded by the Bipartisan Infrastructure Law, to accelerate geologic carbon storage projects each capable of permanently storing at least 50 million metric tons of captured CO2 – the equivalent to the emissions from roughly 10 million gasoline-powered cars a year.
In addition, DOE issued two funding opportunities, totalling $91 million, to increase the number of available CO2 storage sites and to advance critical carbon management technologies.
“This past month we saw the highest levels of CO2 emissions in the atmosphere in history, underscoring the fact that our efforts to tackle climate change will be inconsequential if we don’t act now to manage the greenhouse gas emissions that are currently putting public health and our environment at risk,” said U.S. Secretary of Energy Jennifer M. Granholm. “The President’s budget commitments coupled with the investments from his Bipartisan Infrastructure Law will enable the U.S. to develop cutting-edge technologies to safely and efficiently capture, remove, and store CO2 while revitalizing communities that have powered this nation for generations.”
Greenhouse gas (GHG) emissions, of which CO2 is the primary component, have risen dramatically over the past several decades. GHGs fuel global warming, increasing the risk of droughts and floods and putting our agriculture, health and water supply at risk.
The administration says enabling the development of a suite of carbon management approaches can help reduce GHG emissions and tackle their impact on climate change.