The Biden administration on Friday announced a $1.2 billion initiative to vacuum up carbon dioxide from the atmosphere in an effort to achieve a “net-zero global economy” by 2050.
Department of Energy Secretary Jennifer Granholm said in a statement that the $1.2 will be used to develop two commercial-scale “direct air capture” facilities in Texas and Louisiana.
The US Department of Energy said it will give over $1 billion in federal grants to projects that help remove carbon from the atmosphere, making it the first major investment into direct air capture technology by federal authorities https://t.co/SLzIGScQWg pic.twitter.com/nN81zX1Q1Q
— Reuters (@Reuters) August 13, 2023
“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 Granholm.
“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.”