DOE Invests $24 Million to Advance Transformational Air Pollution Capture (2024)

RemovingCO2 from the Atmosphere will Help America Achieve Net-Zero Emissions, Create Jobs

WASHINGTON, D.C.—TheU.S. Department of Energy (DOE)today announced up to $24 million for research into technology that captures carbon emissions directly from the air, replicating the way plants and trees absorb carbon dioxide (CO2). This technology, known as direct air capture, has the potential to create good-paying jobs, advance America’s fight against climate change, and achieve President Biden’s goal of net-zero emissions by 2050.

"If we can figure out how to remove polluting emissions directly from the air, it would be a game changer in America's fight against climate change," said Secretary of Energy Jennifer Granholm. "Let’s make America the leader in this new field, create jobs, and make our carbon-free future a reality."

Carbon dioxide buildup in the atmosphere is a major contributor to climate change, and preliminary studies show carbon dioxide at high enough concentrations may pose significant health risks to people and animals.

Studies show that meeting our climate change goals will require advances in large-scale carbon dioxide removal. While progress has been made in this field, direct air capture methods are not currently efficient enough to be cost-effective and economically viable. This funding will support the breakthroughs needed to address the limitations of currently available technologies, and develop entirely new and more effective approaches for direct removal of CO2 from ambient air.

“Research teams across the country, including my home state of Arizona, are leading the way on developing carbon capture technology, and their groundbreaking progress has been bolstered by Department of Energy grants,” said Representative Greg Stanton. “This additional investment will spur new innovation and jobs in communities throughout the country. This funding will support projects with transformative potential to expand an entire green industry focused on decreasing emissions, improving energy efficiency, and ultimately making our air cleaner.”

“Direct air capture technologies are proving to be an innovative, pro-growth solution to addressing present and future environmental challenges in Arizona and around the country,” said Representative David Schweikert. “By increasing basic research opportunities and funding for these technologies, we can have a cleaner environment and stronger economy in the future. I look forward to continuing to advocate for the deployment of this technology in Congress, and am pleased to hear about this funding opportunity.”

“Carbon removal is key to addressing climate change and direct air capture, in particular, not only can reduce emissions but also create jobs and drive new markets,” said Erin Burns, Executive Director of Carbon180. “This funding opportunity is a clear sign that the Department of Energy understands both the opportunity for direct air capture to generate social, economic, and environmental benefits, as well as the enormous opportunity for meaningful innovation in technological carbon removal approaches. DOE has a long history of successfully catalyzing important new technologies, and Carbon180 welcomes their strong leadership on carbon removal.”

DOE supports the search for carbon removal solutions at both the basic and applied science levels. This funding announcement made through DOE’s Office of Science complements recent applied research efforts in direct air capture funded by the Department’s Office of Energy Efficiency and Renewable Energy and the Office of Fossil Energy.

National laboratories, universities, industry, and nonprofit organizations will all be eligible to apply for this $24 million in total planned funding, which will be selected based on peer review. The Office of Basic Energy Sciences (BES) within the Department’s Office of Science, which is funding the effort, envisions awards both for single investigators and larger teams.

The Funding Opportunity Announcement can be found on the BES funding opportunities page.

###

DOE Invests $24 Million to Advance Transformational Air Pollution Capture (2024)

FAQs

DOE Invests $24 Million to Advance Transformational Air Pollution Capture? ›

DOE Invests $24 Million to Advance Transformational Air Pollution Capture. WASHINGTON, D.C.—The U.S. Department of Energy (DOE) today announced up to $24 million for research into technology that captures carbon emissions directly from the air, replicating the way plants and trees absorb carbon dioxide (CO2).

What is the best carbon capture stock? ›

  • Carbon Credit Futures Fund: KraneShares Global Carbon ETF (KRBN)
  • Carbon Capture Technology Stock: Occidental Petroleum Corp. (OXY)
  • Carbon Capture Services Stock: Quanta Services Inc. (PWR)
  • Clean Energy Fund: VanEck Low Carbon Energy ETF (SMOG)
  • Green Bond Fund: iShares USD Green Bond ETF (BGRN)
Jun 30, 2023

How much does it cost to get direct air capture? ›

Future capture cost estimates for DAC are wide-ranging and uncertain, reflecting the early stage of technology development, but are estimated at between USD 125 and USD 335 per tonne of CO2 for a large-scale plant built today. With deployment and innovation, capture costs could fall to under USD 100/tCO2.

How many DAC plants are there? ›

To date, 130 DAC plants are under development worldwide, with 27 commissioned and 18 completed, according to the International Energy Agency. All of these are small-scale facilities, with a current collective CO2 removal capacity of about 11,000 tons annually.

How much energy is required for DAC? ›

Carbon removal will likely play some role in reaching net zero. But doing so will require huge amounts of energy. It takes around 1,200 kilowatt-hours to remove a ton of carbon from the sky using direct air capture.

What are the carbon capture companies on the stock market? ›

Examples are Climeworks, Carbfix, Global Thermostat, Carbon Engineering – direct air capture companies and Svante, Carbon Clean, Net Zero Solutions, Recapture and others that offer carbon capture services. Relevant: The Top 10 Carbon Capture Companies In 2022!

What companies are investing in carbon capture technology? ›

You can invest in carbon capture companies like Aker, FuelCell Energy, Delta Cleantech, Equinor ASA, and Occidental Petroleum stocks. Carbon capture stocks are a great way to invest in the future of energy and the environment.

How much does direct air carbon capture cost? ›

The cost of carbon removal using DAC currently stands at between $600 and $1,000 per metric ton, according to the new analysis.

Who is investing in direct air capture? ›

Amazon is making its first investments in DAC—a critical technology in the fight against climate change. To help accelerate the development of direct air capture (DAC) solutions, Amazon is purchasing carbon removal credits from 1PointFive and investing in CarbonCapture Inc.

What is the world's largest DAC plant? ›

Located in Iceland, Orca is the world's first large-scale carbon dioxide removal plant. On 28 June 2022, we announced the groundbreaking of Climeworks' second, newest and largest direct air capture and storage plant, Mammoth.

What is the biggest CCS plant? ›

Largest global carbon sequestration projects in operation 2022. The Shute Creek Gas Processing Plant in the United States has the largest carbon capture and storage capacity of all CCS facilities worldwide in 2022, at seven million metric tons per year (Mtpa).

What is the most efficient carbon capture technology? ›

Oxyfuel combustion capture is the most efficient carbon capture technology, with the ability to capture 100% of carbon emissions.

Why is direct air capture so expensive? ›

Capturing CO2 from the air is the most expensive application of carbon capture. The CO2 in the atmosphere is much more dilute than in, for example, flue gas from a power station or a cement plant. This contributes to DAC's higher energy needs and costs relative to these applications.

Is direct air capture feasible? ›

While DAC technology is currently fully functional, several issues make its widespread implementation difficult. Constraints like costs and energy requirements as well as the potential for pollution make DAC a less desirable option for CO2 reduction.

Does DAC require its own power source? ›

These are usually bigger and require their own power source, but often offer several additional digital or analogue audio inputs alongside a USB input for connecting to your computer. Some, like the iFi Zen DAC V2, can be either USB or mains powered.

What is the best carbon capture ETF? ›

Investors interested in this part of the market but who are seeking some diversity should consider carbon capture ETFs. These include the KraneShares Global Carbon ETF (NYSE:KRBN), the VanEck Vectors Low Carbon Energy ETF (NYSE:SMOG), and the iShares MSCI ACWI Low Carbon Target ETF (NYSE:CRBN).

Which holds the most carbon stock? ›

The ecosystem storing most carbon per area is actually tundra, followed by seagrass meadows, mangrove forests and salt marshes.

What is the largest carbon stock in the world? ›

The Earth's largest carbon stock is found within the continental crusts and upper mantle of the Earth, a large portion of which is sedimentary rock formed over millions of years (2).

Who are the top carbon traders? ›

Carbon Credit Trading Companies
  • QED Environmental Systems.
  • Newterra, Ltd.
  • Numerco.
  • Gen10.
  • Climex.
Mar 29, 2023

Top Articles
Latest Posts
Article information

Author: Manual Maggio

Last Updated:

Views: 5986

Rating: 4.9 / 5 (49 voted)

Reviews: 80% of readers found this page helpful

Author information

Name: Manual Maggio

Birthday: 1998-01-20

Address: 359 Kelvin Stream, Lake Eldonview, MT 33517-1242

Phone: +577037762465

Job: Product Hospitality Supervisor

Hobby: Gardening, Web surfing, Video gaming, Amateur radio, Flag Football, Reading, Table tennis

Introduction: My name is Manual Maggio, I am a thankful, tender, adventurous, delightful, fantastic, proud, graceful person who loves writing and wants to share my knowledge and understanding with you.