Google Sets Aside $35 Million For Carbon Removal Credits, Becomes First Company To Answer DOE Call

Google Sets Aside $35 Million For Carbon Removal Credits, Becomes First Company To Answer DOE Call - Carbon Herald
Photo by Jonny Gios on Unsplash

Tech giant Google shared yesterday that it plans to procure a minimum of $35 million worth of carbon removal credits within the upcoming year. The pledge comes after the U.S. Department of Energy (DOE) announced in September 2023 that it plans to provide $35 million for establishing the first building blocks of a carbon removal market.

“We’re proud to be the first company to pledge to match the DOE’s program dollar for dollar: through our own initiatives, we plan to contract for at least $35M worth of carbon removal credits over the next 12 months,” said Randy Spock, Google’s Carbon Credits and Removals Lead.

In a parallel announcement, the DOE shared details about the benefits of the initiative, as well as details about how interested companies can join up. Dubbed the Voluntary Carbon Dioxide Removal Purchase Challenge it will run paralles to the Carbon Negative Shot, which was launched in 2021, and the Carbon Dioxide Removal Purchase Pilot Prize, initiated in September 2023.

The latter program allocated $35 million in funding to procure carbon removal credits, while the former is predomintantly aimed at fostering innovation and achieving the often cited $100 cost for removing a ton of CO2.

With Google joining the challenge and making an advance commitment to buy carbon removal credits, there is an expectation that other tech giants might also follow suit. Amazon and Microsoft have been making multiple purchases throughout 2023 of such credits directly from companies that issue them.

The DOE has also been working on developing several Direct Air Capture hubs in Texas and Louisiana. The Texas DAC Hub in Kleberg County is led by Occidental subsidiary 1PointFive and partners Worley and Carbon Engineering. The Lousiana project, called Project Cypress is spearheaded by non-profit Battelle with technology developers Climeworks and Heirloom.

Read more: US DOE To Invest $100M In Advanced Carbon Removal Projects

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts
Translate »