WASHINGTON (dpa-AFX) - The U.S. Department of Energy has announced that 24 companies will receive a total of $1.2 million to scale up their carbon dioxide removal technologies.
The Carbon Dioxide Removal Purchase Pilot Prize allows companies to compete for the opportunity to deliver carbon dioxide removal credits directly to DOE. Carbon removal credits can be purchased by any individual or entity that is interested in responsibly managing their past and/or future carbon dioxide emissions. This program will help catalyze the development of carbon dioxide removal markets, demonstrates rigorous monitoring, measurement, reporting, and verification practices through third-party scientific validation, and it provides a model for workforce and community benefits for high-quality credits.
'Through this prize and the Administration's new Policy Statement and Principles on Voluntary Carbon Markets, we are giving the private sector the tools they need to make real contributions to our fight against the climate crisis and deliver real benefits to communities across the nation,' said ?U.S. Secretary of Energy Jennifer M. Granholm.
The Carbon Dioxide Removal Purchase Pilot Prize provides up to $35 million in cash awards in the form of Carbon Dioxide Removal Credit Purchase Agreements from DOE. The twenty-four semifinalists will get $50,000 each to help scale a diversity of carbon dioxide removal approaches across four pathways: Direct air capture with storage, Biomass with carbon removal and storage, Enhanced rock weathering and mineralization and Planned carbon sinks.
Up to 10 firms will be chosen as grand prize winners, with each getting a Carbon Dioxide Removal Credit Purchase Agreement award of up to $3 million for the sale of their credits to DOE.
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