The seven biomass awards are among 24 semifinalist projects selected by the DOE to share in $1.2 million that will support the scale-up of various carbon dioxide removal technologies. The awards were made under the Bipartisan Infrastructure Law’s Carbon Dioxide Removal Purchase Pilot Prize, which allows companies to complete for the opportunity to deliver carbon dioxide removal credits directly to DOE.
According to the DOE, carbon removal credits can be purchased by any individual or entity that is interested in responsibly managing their past and/or future carbon dioxide emissions. The program will help catalyze the development of carbon dioxide removal markets, demonstrates rigorous monitoring, measurement, reporting, and verification practices through third-party scientific validation, and it provides a model for workforce and community benefits for high-quality credits.
“The Carbon Dioxide Removal Purchase Prize is a first-of-a-kind initiative to catalyze the market for high-quality CO2 removal credits, helping jumpstart a critical decarbonization tool,” said U.S. Secretary of Energy Jennifer M. Granholm. “Through this prize and the Administration’s new Policy Statement and Principles on Voluntary Carbon Markets, we are giving the private sector the tools they need to make real contributions to our fight against the climate crisis and deliver real benefits to communities across the nation.”
