Carbon GeoCapture

#NEW: A facility under construction in West Texas will be the world's largest #directaircapture (#DAC) plant, which will remove 500,000 metric tons of #carbondioxide from the atmosphere annually once commercially operational in mid-2025. The project spans 65 acres, and will feature an extensive network designed to capture carbon from the air and store it underground in geological formations. #DAC, along with other #carbonremoval technologies like #carboncapture and storage (#CCS), is an important tool in the toolkit for mitigating #climatechange, particularly to remove #carbonemissions from heavy industries that are otherwise hard to decarbonize. Recent US tax incentives like the #InflationReductionAct (#IRA), aim to boost #DAC and #CCS technologies. This project received tax credits from the IRA. Learn more about this facility:

#TriviaTuesday: How is the United States advancing #carboncapture and storage (#CCS) projects? Last week, the U.S. Department of Energy (DOE) shortlisted 23 #CCS and #carbonstorage projects for funding as part of a $518 million package focused on existing and new projects that would have the capacity to store 50 million tons of #carbondioixde annually. The funds are part of the Carbon Storage Assurance Facility Enterprise (CarbonSAFE) Initiative, which is overseen by the Office of Fossil Energy and Carbon Management | U.S. Department of Energy. These funds are aimed at the initial phases of the projects, including site research, planning and design, and permits and initiating construction. Previous funding rounds were announced in May 2023 and November 2023. Learn more about this latest selection round:

#NEW: The Global CCS Institute's Global Status of CCS 2024 report highlights promising trends for #carboncapture and storage (#CCS) development, including in different regions across the globe. The US leads in global #CCS development, aided by a substantial boost in government support for #CCS projects, including a commitment of $10 billion to #carbonmanagement and clean #hydrogen hubs. In the Asia-Pacific region, Malaysia, Japan, and South Korea are working on cross-border #CCS projects that aim to manage #carbonemissions on a regional scale. These projects will be critical to managing the future of #decarbonization, particularly from #industrial activities, in this region. China, the world's largest emitter, is moving forward with plans to incorporate #CCS into its efforts to reduce #emissions from #coal-fired #powerplants by 2027. The European Union has taken a bold approach to #decarbonization with the Net-Zero Industry Act, which includes #CCS as a pivotal technology in the #energy transition. Read more of these key takeaways:

#TriviaTuesday: How is California advancing #carboncapture and storage (#CCS) technologies? Today, Kern County voted unanimously to approve California Resources Corp.’s plan to capture and store up to 48 million metric tons of #carbondioxide. This is state's first #CCS project, an approach that is an essential component of California’s #climate plans. There are currently roughly a dozen other #CCS project proposals under review in California. This project specifically is part of California Resources Corp.’s broader #carbonmanagement business model to lower the carbon footprint of industrial operations, including #cement and #powerplants, which have few options to #decarbonize. Learn more about this historic announcement:

#NEW: This week, the Global CCS Institute published its "2024 Global Status of CCS" report, which reveals a massive increase in momentum for #carboncapture and storage (#CCS) projects worldwide. The global capacity for capturing #carbondioxide is poised to double to over 100 million metric tons per year once currently under-construction facilities become operational. This surge in growth demonstrates a growing commitment to meeting #climate targets and reducing #carbonemissions. The report recognized the pivotal role between governments and the private sector in advancing #CCS initiatives. Since 2020, over 50 memoranda of understanding (MOUs) or agreements incorporating #CCS have been signed between governments. Read more of the key takeaways from the report:

#TriviaTuesday: How can #carboncapture and storage (#CCS) help mitigate #climatechange? Put simply, #CCS is a solution the IPCC says is essential to reaching #netzero. In fact, all IPCC studies require at least some kind of #CCS to reach these goals, noting that there no studies where absolute zero #carbonemissions are reached by deep emissions reductions alone. #CCS projects currently store nearly 45 million tons of #carbondioxide every year, but more projects are coming online, including Norway's $2.8 billion #CCS transport project, and the UK government's recent pledge of $22 billion for #CCS projects. Learn more about #CCS developments and why these are important from the World Economic Forum:

#NEW: This week, the U.S. Department of Energy (DOE)'s Office of Fossil Energy and Carbon Management | U.S. Department of Energy announced $29 million for 12 research and development projects to fund two #carbonmanagement priorities: the development of lower-cost, highly efficient #carboncapture and storage (#CCS) technologies to capture #carbon from #industrial sources and #powerplants for permanent storage, and the conversion of #carbondioxide into environmentally responsible and economically valuable products. These efforts will help establish the foundation for a successful #CCS and conversion industry in the United States, because accelerating the development of these technologies is critical to achieving a carbon-neutral power sector by 2035 and #netzero emissions by 2050. The seven projects selected under this funding opportunity will focus on technologies that utilize #carbondioxide from industrial and power generation facilities, as well as from legacy #carbonemissions captured directly from the atmosphere. Learn more about this investment:

#TriviaTuesday: How is the United States working to scale #carbonstorage across the country? Carbon management technologies, including #carboncapture and storage (#CCS) are critical to achievving #netzero emissions by 2050. The United States will need to capture, transport, and permanently store hundreds of millions of tons of #carbondioxide each year, which will span entire regions, cross state boundaries, and encompass state, federal, and tribal lands. To support these efforts, the U.S. Department of Energy (DOE)'s Office of Fossil Energy and Carbon Management (FECM) established the Carbon Basin Assessment and Storage Evaluation (CarbonBASE) Initiative, which aims to collect subsurface data from basins across the US and develop a robust set of tools for rapid and effective site screening, characterization, and development, and improved basin-scale storage resource monitoring and management. Additionally, FECM is collaborating with the U.S. Department of the Interior to develop models for managing #carbonstorage resources on federal land and offshore areas. In February, FECM and DOI’s U.S. Geological Survey hosted a workshop with 70 participants from federal agencies, state government agencies, industry, academia, and research organizations to discuss opportunities and technological innovations needed for scaling up #carbonstorage to guide the development of technologies and strategies needed for basin-scale storage. Check out the key insights below:

#NEW: Britain announced today that it will provide funding of up to $21.7 billion pounds ($28.5 billion USD) over 25 years to develop #carboncapture and storage (#CCS) projects to reduce #industry emissions and create new jobs in Northern England. Using #CCS to reduce #emissions from heavy industrial sectors is a key part of Britain's goal of #netzero emissions by 2050. Britain sees #CCS as a massive opportunity to attract investment and create thousands of skilled jobs. The government estimates this latest decision will attract 8 billion pounds of private investment into the communities and create 4,000 jobs directly for the local communities hosting the projects. The two sites in northern England will have a combined annual #CCS capacity of 8.5 million metric tons a year, the equivalent of taking 4 million cars off the road, the government said. Learn more:

#TriviaTuesday: What are the recent investment trends in #carboncapture and storage (#CCS)? Recent data shows that there is a growing investment trend in #CCS solutions, driven in large part by the increased awareness that #CCS is essential to mitigating #climatechange alongside scaling #renewable energy sources, including reporting from experts at the IPCC emphasizing the role of #CCS in achieving #netzero targets. A key figure in this growth is recent data showing the funding that #CCS startups have received, indicating there is strong investor interest in the #CCS sector. In 2024 alone, #CCS startup companies have secured nearly $1.2 billion in equity and debt financing. Still, more investment is needed to fully scale #CCS projects across the globe. Read more: