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US unveils $3.5B program to accelerate carbon removal tech development

Environmental Sustainability

US unveils $3.5B program to accelerate carbon removal tech development

The US Department of Energy unveiled a program to fun four large-scale projects across the nation that will remove atomospheric carbon dioxide (CO2).

The Biden administration is investing $3.5 billion in a nascent technology as the current administration says it is necessary to meet a goal of achieving net-zero emissions by mid-century.

The US Department of Energy released a formal notice announcing funding for the $3.5 billion programs shaped by the 2021 Bipartisan Infrastructure Law that would make four regional direct air capture hubs to spark the technology’s widespread deployment of carbon dioxide transport and storage infrastructure.

Intergovernmental Panel on Climate Change at the UN released a report last month that said the world would need “carbon dioxide removal” technologies—ranging fromcostly technologies to suck carbon dioxide directly from the air, to planting trees that soak up carbon to grow to meet global goals to curb climate change.

Carbon removal technology has gained significant attention and investment in recent months. There are three major direct air capture projects under development in Europe and North America. Still, they are only sucking up small amounts of carbon dioxide from the air currently.

Earlier this year, big tech firms Google, Meta, Shopify, and Stripe launched a $1 billion fund to buy carbon removal credits over the next decade to incentivize the rapid deployment of carbon removal technology.

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