The U.S. Department of Energy (DOE) has announced a $1.2 million initiative to support the growth of the carbon dioxide removal (CDR) industry in the U.S. As part of President Biden’s Investing in America agenda, this funding will help scale up innovative CDR technologies.
24 Semifinalists Selected
Twenty-four semifinalists have been chosen to receive $50,000 each to advance their CDR technologies. These projects fall into four categories:
- Direct Air Capture with Storage: Capturing CO2 directly from the air for storage.
- Biomass with Carbon Removal and Storage: Using plants and algae to remove CO2.
- Enhanced Rock Weathering and Mineralization: Removing CO2 through reactions with crushed rocks.
- Managed Carbon Sinks: Using natural and artificial methods to store CO2.
These semifinalists will now compete for the grand prize, which includes contracts worth up to $3 million each for selling their CO2 removal credits to the DOE.
A Market for Carbon Dioxide Removal
The Carbon Dioxide Removal Purchase Pilot Prize is designed to create a market for CDR credits. These credits can be bought by anyone looking to offset their carbon emissions. This initiative aims to encourage the private sector to invest in carbon removal technologies, ensuring rigorous standards and benefits for communities.
Secretary of Energy’s Statement
U.S. Secretary of Energy Jennifer M. Granholm said, “The Carbon Dioxide Removal Purchase Prize is a groundbreaking initiative to kickstart the market for high-quality CO2 removal credits. This prize, along with the Administration’s new Policy Statement and Principles on Voluntary Carbon Markets, provides the private sector with the tools needed to fight the climate crisis and deliver benefits to communities nationwide.”
The Road Ahead
This announcement is part of DOE’s broader Carbon Negative Shot initiative, which aims to advance affordable and effective carbon removal technologies. The DOE is also planning other programs to support CDR, including:
- Direct Air Capture Hubs
- Carbon Negative Shot Pilots
- Marine CDR Pilots
- National Lab Development Efforts
These initiatives will help increase the supply of high-quality carbon removal credits for both government and private sector purchases.
Direct Air Capture Prizes
The DOE also sponsors the American-Made Direct Air Capture Prizes, which support the development of direct air capture technologies. These prizes focus on community and labor engagement, creating high-quality jobs, and providing economic and environmental benefits to communities.
Conclusion
With these efforts, the DOE aims to accelerate the growth of the CDR industry and create a sustainable market for carbon removal credits, playing a crucial role in the fight against climate change.
