On May 5th the Biden-Harris Administration announced more than $2.3 billion Bipartisan Infrastructure Law Effort to increase carbon capture and storage initiatives and accelerate deployment of carbon management approaches.
The infrastructure bill provides $2.25 billion for CO2 capture and storage projects and an additional $91 million that will aim to fund two opportunities – to increase the number of available CO2 storage sites and advance critical carbon management technologies.
More than $2.3 billion in total are allocated to three opportunities. The first is a Notice of Intent (NOI) for $2.25 billion, funded by Biden’s Bipartisan Infrastructure Law, to accelerate carbon capture and geologic storage projects each capable of permanently storing at least 50 million metric tons of CO2.
The second division “CarbonSAFE: Phase II – Storage Complex Feasibility” Funding Opportunity includes a $45 million funding opportunity designed to improve procedures to safely, efficiently, and affordably define and assess onshore and offshore CO2 storage sites at a commercial scale.
The third opportunity is called Carbon Management Funding Opportunity. It entails a $46 million investment towards developing technologies to remove, capture, and convert or store carbon dioxide from utility and industrial sources or the atmosphere.
Projects will need to examine commercial viability and technical gaps in this space, while also reducing the environmental impacts of economic activity. All initiatives will have to reduce emissions while creating good-paying jobs and prioritizing environmental justice and community engagement.
Expanding commercial carbon capture and storage projects and related activities are planned to help deliver on the goal of President Biden of achieving an equitable transition to a net-zero economy by 2050.