In a substantial move, the Biden administration has thrown its support behind carbon dioxide extraction technology – a crucial tool in addressing global warming. The initial allocation of funding, amounting to $1.2 billion, marks a significant step toward this endeavor. This investment signifies the first phase of a broader $3.5 billion fund aimed at propelling the advancement of such pioneering projects. These initiatives, identified by scientists as pivotal in mitigating the severe consequences of climate change, have now seen their initial recipients selected.

One of the initiatives set to benefit from the initial $1.2 billion fund is spearheaded by a subsidiary of Occidental Petroleum Corp. This endeavor, focused on carbon removal, is proposed for Kleberg County, Texas.

The second project involves collaborative efforts between Climeworks, Battelle Memorial Institute, and Heirloom Carbon Technologies Inc., with a proposed location in Calcasieu Parish, Louisiana. These ventures constitute the inaugural round of investments unveiled by the Energy Department.

Referred to as a colossal carbon removal vacuum, Energy Secretary Jennifer M. Granholm reportedly likened the technology central to these projects to a mechanism capable of extracting decades' worth of carbon pollution directly from the atmosphere.

Granholm said, “If we deploy this at scale, this technology can help us make serious headway toward our net-zero emission goals.”

Upon becoming operational, these initiatives are forecasted to annually eliminate over 2 million metric tonnes of carbon dioxide from the atmosphere, a measure comparable to the environmental impact achieved by removing nearly half a million gas-powered cars from the roads each year. Looking ahead, the Energy Department has outlined intentions to introduce additional projects within the upcoming year.

In parallel, the Energy Department has singled out 19 projects for smaller "award negotiations." Chevron Corp.'s branch in San Ramon, California, is among these, having proposed a direct air capture hub. The development of this hub has been allocated $3 million in funding.

Further contributing to the expansion of carbon removal initiatives, Carbon Capture Inc. has secured $12.5 million for the Wyoming Regional Direct Air Capture Hub.

However, despite the potential benefits, the industry is still in its infancy, characterized by high costs and substantial energy demands for operations. Critics have voiced concerns over the unproven effectiveness of carbon capture technology in effectively addressing climate change, according to reports.

Image source: CNN