DOE Carbon Storage Program Announces Third Round Of Funding With $2.25B Available

DOE Carbon Storage Program Announces Third Round Of Funding - Carbon Herald

The US Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM) has announced the third funding round of its Carbon Storage, Validation and Testing Program. 

The DOE program represents a five-year $2.25 billion funding opportunity enabled by President Biden’s Investing in America agenda aimed at developing CO2 transport and storage solutions. 

Specifically, this initiative is designed to help solve the problem of what large-scale, industrial greenhouse gas (GHG) emitters can do with the large quantities of carbon dioxide they capture from their processes, as well as with residual CO2 emissions that are removed from the ambient air. 

Relevant: Three CCS Projects Selected To Receive Outstanding $890M DOE Award

As the US has set out to achieve net zero emissions by 2050, the large-scale deployment of carbon management technologies will be essential in the very near future. 

“Successful deployment of carbon storage technology and infrastructure requires several phases of project development,” said Brad Crabtree, Assistant Secretary of Fossil Energy and Carbon Management. 

“As we continue to re-open this funding opportunity, we are characterizing new regional storage facilities, helping to ensure we have adequate support for carbon capture and removal across our nation to help meet President Biden’s net-zero goals,” Crabtree concluded.

Relevant: DOE Is Funding CarbonSAFE Initiative Projects All Over The US

Projects that are approved for funding will develop their own or work on existing carbon storage projects via FECM’s Carbon Storage Assurance Facility Enterprise (CarbonSAFE) Initiative.

Each project should be able to store at least 50 metric tons of CO2 over the next 30 years. 

So far, FECM has announced the investment of over $841 million in different projects aimed at research, development, and deployment of carbon transport and storage solutions and the infrastructure that goes along with them. 

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