The Overseas Shipholding Group, Inc. (OSG), a prominent energy transportation services company, has recently been awarded a $400,000 grant from the United States Department of Energy (DOE) for the development of its proposed Tampa Regional Intermodal Carbon Hub (T-RICH) at Port Tampa Bay.
The grant will finance research to assess the viability of establishing a storage facility for CO2 captured from industrial sources in Florida. The T-RICH terminal is planned to receive, store, and process two million metric tons of CO2 annually.
The project is groundbreaking, as it will be the first facility of its kind in the nation and has the potential to be expanded to accommodate larger volumes of captured CO2.
The development of T-RICH represents a significant step forward in the effort to reduce carbon emissions and combat climate change.
The DOE is promoting the advancement of carbon capture and storage (CCS) technology as a contribution to the United States’ aim to reduce CO2 emissions in order to reach net zero by 2050.
It is anticipated that carbon capture and storage systems will account for approximately 30% of the overall carbon emission reduction goal.
Sam Norton, the President and CEO of Overseas Shipholding Group, mentioned that Florida ranks among the top states in the country for total CO2 emissions from power generation and industrial facilities.
“But Florida has no pipeline system capable of transporting captured CO2,” said Mr. Norton.
This grant will allow OSG to establish a hub site that will aggregate and store CO2 captured from emitters before loading it onto specialized liquefied CO2 vessels.
These vessels, operated by OSG, will then transport the captured CO2 to the northern Gulf of Mexico, which has the largest confirmed capacity for safe, deep, permanent underground sequestration of CO2.
This new supply chain is expected to result in better air quality for all Florida residents, as well as numerous new job opportunities, focused on supporting the advancement of CCS and transportation systems promoted by OSG.