Biden administration invests $251 mln in carbon capture
Joe Biden’s administration announced on Wednesday the investment of about $251 million in carbon capture and storage projects in seven states.
Projects’ funding is sourced from the U.S. Department of Energy in addition to funds from the Bipartisan Infrastructure Law.
“We’re trying to get commercial lift off in the carbon management industry as a whole,” Noah Deich said. Funds were awarded to several universities in different states in addition to the oil giant BP, receiving $33.4 million.
Expanding governmental investment in carbon storage and transportation would encourage firms to add carbon capture capabilities to their infrastructure, Deich explained.
Around $242 million will be used for large-scale carbon storage projects, with capacity of capturing at least 50 million metric tons of carbon dioxide.
Jessie Stolark, executive director of the Carbon Capture Coalition highlighted the importance of investing in carbon storage projects.
“Today’s funding announcement wisely focuses on those projects that can store at least 50 million metric tons of CO2,” Stolark asserted.
Proponents of the decision applauded the step, saying it will contribute significantly to reducing greenhouse gases emissions. Opponents, on the other hand, were concerned of diverting renewable energy investments.
“We… do not have the luxury… to squander on speculative solutions,” said Basav Sen, climate justice policy director.