![]() “With this once-in-a-generation investment made possible by President Biden’s Investing in America agenda, DOE is laying the foundation for a direct air capture industry crucial to tackling climate change-transforming local economies and delivering healthier communities along the way.”ĭAC is a process that separates CO2 from the air, helping to reduce legacy CO2 in the atmosphere. “Cutting back on our carbon emissions alone won’t reverse the growing impacts of climate change we also need to remove the CO2 that we’ve already put in the atmosphere-which nearly every climate model makes clear is essential to achieving a net-zero global economy by 2050,” said U.S. Their development will help inform future public and private sector investments and jumpstart a new industry critical to addressing the climate crisis on a global scale-highlighting how Bidenomics is driving a manufacturing boom that is delivering new economic opportunities, positioning America to be a global leader in the industries of the future, and accelerating efforts to meet the President’s goal of a net-zero economy by 2050. Today’s announcement will be the world’s largest investment in engineered carbon removal in history and each Hub will eventually remove more than 250 times more carbon dioxide than the largest DAC facility currently operating. Together, these projects are expected to remove more than 2 million metric tons of carbon dioxide (CO2) emissions each year from the atmosphere-an amount equivalent to the annual emissions from roughly 445,000 gasoline-powered cars-and create 4,800 good-paying jobs in Texas and Louisiana. The Hubs are expected to ensure meaningful community and labor engagement and contribute to the President’s Justice40 Initiative. ![]() These emissions are already in the atmosphere, fueling climate change and extreme weather and jeopardizing public health and ecosystems across the globe. These projects-the first of this scale in the United States-represent the initial selections from the President’s Bipartisan Infrastructure Law-funded Regional Direct Air Capture (DAC) Hubs program, which aims to kickstart a nationwide network of large-scale carbon removal sites to address legacy carbon dioxide pollution and complement rapid emissions reductions. Department of Energy (DOE) today announced up to $1.2 billion to advance the development of two commercial-scale direct air capture facilities in Texas and Louisiana. As part of President Biden’s Investing in America agenda, the U.S. Several nations are now offering financial incentives for DAC, but more governmental assistance will be required to reach optimistic cost targets.Įxplore the 2023 list of 15 Climate Tech Companies to Watch.WASHINGTON, D.C. Ultimately, whether Climeworks meets its goals will depend on whether it can offer carbon removal services at a lower cost than companies developing competing DAC technology, and whether the overall costs of DAC can be brought down. Last month, Climeworks announced that it was exploring potential direct air capture and storage projects in Kenya. In August, the US Department of Energy Funding selected three projects Climeworks is involved with to receive funding under the agency’s Regional DAC Hubs program. The company will likely announce additional carbon deliveries, and more carbon removal contracts, in the coming months and years. To build confidence in its technology, Climeworks must continue to deliver on its early contracts and grow its customer base. To reach that goal, it plans to launch several commercial DAC projects in the US and other countries in the coming years. By 2030, the company aims to remove more than a million tons of carbon from the atmosphere each year. Also located in Iceland, Mammoth should have the capacity to pull up to 36,000 metric tons of CO 2 from the atmosphere each year.įrom there, Climeworks plans to go even bigger. ![]() Within the next year, it expects to finish construction of its second DAC-plus-storage facility, called Mammoth. Climeworks is operating on a small scale today: its Orca plant in Hellisheidi, Iceland, can remove up to 4,000 metric tons of CO 2 from the atmosphere each year.
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