New carbon technology projects could be key to ‘Big Oil’ emissions cuts – By Michael Dorgan (FOX Business) / April 7, 2024
Around $304 million has been granted to develop new carbon capture and storage technologies at sites in Kentucky, Texas, Wyoming and Mississippi
The outcome of four government-funded pilot projects could be crucial in developing technologies for Big Oil to reduce its carbon footprint and help the Biden- administration’s goal of a net-zero emissions economy by 2050.
The Energy Department’s Clean Energy Demonstrations (OCED) in February allocated $304 million in taxpayer funds to new technologies designed to capture carbon dioxide emissions at power and industrial sites in Kentucky, Texas, Wyoming and Mississippi. It is part of a larger $12 billion effort via the 2021 infrastructure bill to develop carbon-reducing technology across the U.S.
Should the pilot projects be successful, more than 500,000 metric tons of CO2 emissions could be prevented from being released into the atmosphere each year – an amount equivalent to the combined annual emissions of more than 110,000 gasoline-powered cars, the OCED says.
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