New York Launches A $9 Million Carbon Capture Utilization And Storage Fund

New York Launches A $9 Million Carbon Capture Utilization And Storage Fund - Carbon Herald

Governor of New York State Andrew M. Cuomo announced on June 28th the launch of a $9 million fund to support innovation in carbon capture utilization and storage technologies. The initiative is called Carbontech Entrepreneurial Fellowship Program and aims to support scientists that can contribute to building New York as a hub for carbon to value technology.

Carbon to value is a similar term to carbon capture utilization and storage. The program will provide entrepreneurial and technical expertise for carbon capture tech that can store CO2 into valuable products. 

The carbon capture funding is provided by the New York State Energy Research and Development Authority (NYSERDA), as part of the State’s 10-year, $5.3 billion Clean Energy Fund

“Fighting the effects of climate change will require bringing the brightest scientific and entrepreneurial minds to New York…Our Carbontech Entrepreneurial Fellowship Program will not only spur innovative solutions to help New York meet our goal of reducing greenhouse gas emissions, it will further position New York as a global green economy leader,” said Lieutenant Governor of New York Kathy Hochul. 

New York Carbon Capture Utilization And Storage Initiatives

The program is a second initiative of the State, supporting emissions reduction carbon capture technology. Governor Cuomo announced a $10 million fund in April for the Carbontech Development Initiative – carbon-to-value research to facilitate decarbonizing the economy. 

The two programs will serve as a bridge between novel ideas and their realization to help the city achieve its goal of cutting GHG emissions 85% by 2050. They will work together to assist scientists and entrepreneurs in developing the resources they need to market their products. 

NYSERDA is also looking for an organization to run the program and has opened an application process for those willing to participate. The applications are open until August 2nd, 2021.  

The criteria is based on the organization’s experience in running entrepreneurial fellowship programs, ability to deliver entrepreneurial training and provide a supportive network of peers and advisors. 

The formation of a carbon innovation ecosystem in New York is an incredible milestone for the carbon capture industry. The deployment of carbon capture utilization and storage technologies will further pave the way for a more climate-resilient future and accelerate the process of decarbonizing the economy. 

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