DOE Announces Nearly $5 Billion in Funding to Deploy Carbon Management Infrastructure
September 23, 2022 | News
The following statement may be attributed to Jessie Stolark, Public Policy & Member Relations Manager for the Carbon Capture Coalition:
“Today, the Department of Energy (DOE) announced nearly $5 billion in carbon management funding opportunities from investments made by the historic Bipartisan Infrastructure Law. The funding will support the implementation of three essential programs to build-out necessary carbon transport and storage infrastructure and drive the demonstration and widescale deployment of carbon management projects in key sectors, including heavy industry, power, and direct air capture.
“These announcements include up to $2.25 billion to support the development of new and expanded large-scale, commercial carbon storage projects under the CarbonSAFE Initiative; up to $2.54 billion to develop six carbon management demonstration projects through the Carbon Capture Demonstration Projects Program; and $100 million for the design of regional CO2 transport networks.
“Together, these investments represent some of the largest federal funding for carbon management projects in history and are a critical step in realizing the economywide deployment of the full suite of technologies (carbon capture, removal, utilization, transport and storage) needed to achieve net-zero emissions by midcentury. We look forward to continuing to work with the Biden Administration to implement these important programs so that these technologies can be deployed at climate scale, all while ensuring the long-term viability of key domestic industries, safeguarding high-wage jobs that sustain families and regions and providing economic and environmental benefits from project deployment to affected communities.”
Convened by the Great Plains Institute, the Carbon Capture Coalition is a nonpartisan collaboration of more than 100 companies, unions, conservation and environmental policy organizations, building federal policy support to enable economywide, commercial scale deployment of carbon management technologies. This includes carbon capture, removal, transport, utilization, and storage from industrial facilities, power plants, and ambient air.