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DOE to provide $500m in funding for carbon transportation

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Carbon Herald or enjoy below:

🗞️ Driving the news: The U.S. Department of Energy (DOE) is set to allocate $500 million for enhancing carbon dioxide transportation infrastructure across the country
• This initiative, financed through the Bipartisan Infrastructure Law, will support various transport methods, including pipelines, rail, trucks, and ships, to facilitate the scaling of carbon capture technologies

🔭 The context: The Carbon Dioxide Transportation Infrastructure Finance and Innovation (CIFIA) program, managed by DOE's Office of Fossil Energy and Carbon Management, aims to address the predicted increase in CO2 transport needs
• Currently, the U.S. can transport 60 million metric tons annually, a capacity that must expand significantly to meet future decarbonization targets

🌍 Why it matters for the planet: Expanding carbon transportation infrastructure is crucial for achieving climate goals, particularly as it enables the capture and storage of CO2 from major sources like power plants and industrial facilities
• This strategy is essential for reducing greenhouse gas emissions and advancing toward a carbon-neutral future

⏭️ What's next: The DOE's funding initiative is designed to prepare for increased carbon capture needs over the next 25 years, emphasizing long-term sustainability and economic efficiency in infrastructure development
• Application deadlines are set for July 30, 2024, as the program seeks to attract various stakeholders

💬 One quote: "To successfully achieve our climate goals, it is critical to ensure that we have adequate infrastructure in place to accommodate the growing volumes of carbon dioxide," said Brad Crabtree, Assistant Secretary of Fossil Energy and Carbon Management

📈 One stat: "Annual CO2 transport capacity in the U.S. is 60 million metric tons; this will need to grow up to thirty times by 2050"

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