Carbon Removal Gets $1 Billion Boost: Statement

FOR IMMEDIATE RELEASE: August 9, 2022

Carbon Business Council Issues Statement on the Passage of the CHIPS Act, Which Allocates $1 Billion for Carbon Removal RD&D 

President Biden has signed the CHIPS Act, a bipartisan bill that authorizes $1 billion in funding for the Energy Department’s carbon removal research, development, and deployment over a four year period from 2023-2026. This doubles DOE’s existing RD&D budget. The following statement can be attributed to Ben Rubin, Executive Director of the Carbon Business Council. The Carbon Business Council is a trade association of more than 40 companies committed to the economic and responsible growth of carbon management.   

“The CHIPS Act drives carbon removal forward, backed by a federal commitment for multiple stages of project development: research, demonstration, and deployment. As innovators work on bending the technology cost curve for carbon removal, a tech neutral R&D approach will accelerate a multitude of solutions that restores our climate and creates economic growth. The CHIPS Act galvanizes carbon removal not only through direct federal support, but also by signaling the strength of the market to the private sector. The Carbon Business Council thanks everyone who helped create this R&D opportunity.” 

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Carbon Business Council (CO2BC), a member-driven and tech-neutral trade association of companies unified to restore the climate, is the preeminent industry voice for carbon management startups.