CCTS Project Funding
May 15, 2009
04:53 PM
The Department of Energy today announced that $2.4 billion from the American Recovery and Reinvestment Act will be used to expand and accelerate the commercial deployment of carbon capture, transportation and storage (CCTS) technology. This funding is part of the Obama Administration’s ongoing effort to develop technologies to reduce the emission of carbon dioxide, a major contributor to global warming.
Today’s news is music to Chairman Bingaman’s ears, who played a major part in helping the Administration put together the energy provisions in the stimulus package. The announcement also synchs nicely with his efforts to advance CCTS research, development and deployment projects on the scale that Bingaman envisions.
In addition to adequate project financing for commercial-scale projects, Bingaman believes that some sort of framework addressing liability and long-term stewardship for the first several large-scale projects is needed to build confidence for the public, as well as project developers, in CCTS. The bipartisan CCTS bill (S. 1013) that Bingaman introduced last week creates such a framework.
STATEMENT OF CHAIRMAN BINGAMAN
May 15, 2009
CCTS Project Funding
“Safe and cost-effective geological storage of carbon dioxide may be the most immediate solution for continued use of coal without contributing to global warming. Secretary Chu’s release of funds today to expand and accelerate the commercial deployment of CCTS technology is an important and necessary step forward.”
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