Massive Carbon Capture Initiatives Funded by Biden Administration
In a significant step towards combating climate change, the Biden administration has allocated $1.2 billion to fund the construction of two of the largest carbon capture facilities in the United States. These facilities, currently under development in Texas and Louisiana, are poised to become not only the largest in the U.S. but also potentially in the world. This investment marks the first instance of government funding for commercial ventures of this nature, underscoring the urgency to address carbon emissions.
The two projects focus on direct air capture technology, aiming to extract carbon dioxide directly from the atmosphere. In the initial phases, these plants will annually remove at least 2 million tons of CO2, with plans to scale up their capacity gradually.
This funding for carbon capture plant construction is in line with the bipartisan U.S. Infrastructure Investment and Jobs Act passed two years ago. The initiative to remove CO2 from the atmosphere has garnered additional support in the form of grants totaling $3.5 billion. A portion of these funds is directed towards research and development projects and feasibility studies. Approximately 20 projects are currently receiving financing at their early stages, all exploring methods to reduce the cost of carbon capture from the air or combustion products to under $100 per metric ton.
Undoubtedly, the first two commercial facilities dedicated to direct CO2 extraction from the atmosphere will operate at a loss. To support such ventures, the U.S. Department of Energy has introduced a carbon capture credit of $35 million.
The facility in Texas is being constructed by 1PointFive, a subsidiary of Occidental Petroleum, a prominent oil producer. Prior to this endeavor, the largest CO2 direct capture facility was CarbonCapture in Wyoming, which aimed to capture up to 120,000 tons of CO2 annually at a cost not less than $600 per metric ton. The plants in Texas and Louisiana will boast capacities hundreds of times greater and will serve as models for future efforts in carbon capture and emission reduction. After a series of expansions by 2030, each facility is projected to capture up to 30 million tons of CO2 from the atmosphere. Coupled with other decarbonization initiatives, this leap will contribute to the U.S.’s goal of becoming carbon-neutral by 2050.
- I'm Martin Harris, a tech writer with extensive experience, contributing to global publications. Trained in Computer Science, I merged my technical know-how with writing, becoming a technology journalist. I've covered diverse topics like AI and consumer electronics, contributing to top tech platforms. I participate in tech events for knowledge updating. Besides writing, I enjoy reading, photography, and aim to clarify technology's complexities to readers.
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