Published by Todd Bush on February 2, 2023
The U.S. Department of Energy’s (DOE) Office of Clean Energy Demonstrations (OCED), in collaboration with the Office of Fossil Energy and Carbon Management (FECM), intends to provide up to $2.52 billion to fund two carbon capture programs needed to reduce carbon emissions from the electricity generation and industrial sectors. Established by President Biden’s Infrastructure Investment and Jobs Act, both the pilot and demonstrations programs will help drive the demonstration and deployment of carbon management technologies critical to addressing the climate crisis and meeting the nation’s goal of net-zero emissions by 2050, while also protecting industrial jobs and boosting job creation in communities across America.
“Carbon capture represents an addressable market of nearly $100 billion by 2030 and $600 billion by 2050 just in the United States,” said Office of Clean Energy Demonstrations Director David Crane. “The nearly $5 billion of carbon capture pilot and demonstration projects that will be directly enabled by these two programs, together with the carbon tax credits authorized in the Inflation Reduction Act, will catalyze the commercial wave essential to a clean energy transition, which ensures safe, affordable, and reliable energy to the American consumer and empowers workers in every pocket of the country.”
Since the electricity generation and industrial sectors account for a significant portion of our nation’s carbon emissions, carbon capture, utilization, and storage (CCUS) is a critical component of reducing emissions and meeting our climate and energy transition goals. For the United States to reach net-zero emissions by 2050, CCUS will need to scale to potentially as much as 100 times today’s levels. Growth of this magnitude represents an exciting technological challenge and an extraordinary economic opportunity.
OCED’s role is to de-risk these transformational technologies and catalyze private sector investment through public-private cost share agreements. The Carbon Capture Large-Scale Pilots program will include up to $820 million for up to 10 projects focused on scaling transformational carbon capture technologies. The Carbon Capture Demonstration Projects Program will include up to $1.7 billion for approximately six projects to demonstrate commercial-scale carbon capture technologies, pipeline transportation, and geologic storage infrastructure. The pilot program seeks to catalyze earlier stage technologies with great potential, while the demonstrations program will focus on technologies that will further commercialization.
DOE understands, and intends to address, the concerns of frontline communities and environmental justice and climate organizations about how CCUS projects may negatively affect those communities, local environmental quality, and the overall climate mitigation efforts if not developed with appropriate safeguards. That is why applications to both funding announcements will require a tailored Community Benefits Plan discussing, among other areas, community and labor engagement; investing in the American workforce; diversity, equity, inclusion, and accessibility; and the Justice40 Initiative. This will enable and advise future activities with the intent of developing community-informed projects to support the cost-effective, efficient, equitable, and environmentally responsible at-scale expansion of CCUS operations to enable industry adoption.
DOE plans to release both funding announcements in late February 2023.
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside this Issue 🌬️ Occidental and ADNOC to Commence Preliminary Engineering Study of a Direct Air Capture Facility in the UAE ✈️ World Energy and Microsoft Join Forces to Drive Aviation Decarbon...
Inside this Issue 🧱 C-Crete Technologies Awarded $2 Million by the US Department of Energy to Supercharge its Cement-Free Carbon-Negative Concrete Product 📑 Baker Hughes Strengthens Norway Presenc...
Inside this Issue 🚗 Automotive and Financial Sectors Embrace Green Logistics for Reduced Carbon Footprint and Enhanced Efficiency 🚚 Nikola Celebrates the Commercial Launch of Hydrogen Fuel Cell El...
Baker Hughes Announces Major Gas Technology Equipment Order for Venture Global LNG
- Baker Hughes to supply liquefaction train systems and power island - Order builds on the expanded master equipment agreement Baker Hughes and Venture Global recently announced for more than 100 ...
- Long-term agreement will reduce more than 469,000 metric tonnes of CO2 from corporate air travel. - Agreement enables Microsoft to fully decarbonize the equivalent of more than 824,000 passenger...
HOUSTON, Oct. 03, 2023 (GLOBE NEWSWIRE) -- [Occidental](https://www.oxy.com) (NYSE: OXY) today announced that its subsidiary [1PointFive](https://www.1PointFive.com) and [ADNOC](https://www.adnoc.a...
Green Hydrogen Systems Announces Interim Chief Executive Officer
Kolding, Denmark, 2 October 2023 – Today, [Green Hydrogen Systems](https://www.greenhydrogensystems.com/) has appointed **Peter Friis as interim Chief Executive Officer (CEO) and member of the comp...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.