On Wednesday, the Biden government revealed that they would be spending $251 million on carbon capture and storage programs in seven states. The objective of this initiative is to decrease the amount of greenhouse gas emissions that result from power plants and other manufacturing facilities.
Is it the right move?
The government's announcement shows its support for a new technology that could potentially decrease greenhouse gas emissions. Individuals in the oil and gas industries often support this technology. However, environmentalists argue that the technology is not yet fully developed and that we should prioritize established renewable energy solutions instead of diverting attention to this new technology, as reported by APNews.
The government is placing more emphasis on the carbon capture and storage industry to prove that their technology can make a substantial contribution to the fight against climate change. This is evident from the direct investments made on Wednesday, the allocation of billions of dollars from legislation, and the public declarations made by President Biden and U.S. Climate Envoy John Kerry.
Noah Deich, who works for the Department of Energy's Office of Carbon Management, said that they are striving to achieve success in the carbon management industry as a whole. The process involves taking carbon dioxide out of the air or the source of pollution and storing it underground. Sometimes it is transported through pipelines to other locations where it can be utilized for various purposes.
The Projects That are Underway
Several projects focused on carbon management have received funding from the U.S. Department of Energy, using the $12 billion reserved for this purpose in the Bipartisan Infrastructure Law. The recipients include universities, a large oil company and are located in various states, including Texas, Illinois, Georgia, and Wyoming.
Most of the funds, amounting to $242 million, will be allocated to nine projects focused on carbon storage. These projects aim to store a minimum of 50 million metric tons of carbon dioxide, which is only a small fraction of the amount released into the atmosphere. In 2021, the United States released approximately 5.5 billion metric tons of carbon dioxide, according to the Environmental Protection Agency.
BP is among the award recipients, and they will receive $33.4 million for their two sites located along the Gulf Coast in Texas. The remaining portion of the funding will be allocated towards carrying out three studies on how to transport carbon dioxide from power plants, ethanol facilities, and other industrial operations to different locations for either reuse or permanent storage.
According to Deich, the investments are a good match for the latest regulations on greenhouse gas emissions from power plants that the U.S. Environmental Protection Agency has introduced. The EPA has suggested that power plants can meet the new emission restrictions by adopting carbon capture technology.
The Biden administration has been urging businesses to create systems to capture, move, and keep carbon in place. A tax credit included in the Inflation Reduction Act has motivated companies to put money into projects for capturing and storing carbon in California, Wyoming, and Alaska.
Jessie Stolark, the executive director of the Carbon Capture Coalition, stated that it is crucial to implement large-scale, secure geological storage of CO2 to achieve climate targets by the midcentury. She praised the funding announcement for prioritizing projects that can store a minimum of 50 million metric tons of CO2.
Biden Determined to Meet Net Zero
President Biden has set a target of achieving net-zero greenhouse gas emissions by 2050, and carbon capture technology is seen as a key tool in reaching that goal. The administration has pledged to invest heavily in the technology, with the aim of making it cost-competitive with traditional fossil fuel energy sources.
The push for carbon capture technology is not without controversy, however. Some critics argue that it is not a long-term solution to the problem of climate change and that efforts should be focused on transitioning to renewable energy sources instead. Others have raised concerns about the safety and security of storing large amounts of carbon underground.
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