Doe Unveils a Second Chance to Access $6 Billion from Carbon Capture Tech

After distributing $4 billion of energy project credits in the first round, the DOE is back with more money for
Greenbiz 5:37 pm on May 15, 2024

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The U.S. Department of Energy (DOE) has unveiled a second opportunity for $6 billion in carbon capture and storage (CCS) funding, with over 100 projects from the first round distributed in 35 states. The Qualifying Advanced Energy Project Credit Program (48C) offers tax credits to industrial facilities reducing emissions by at least 20%. Recipients must confirm permits and commence operations within two years of funding allocation, with concept papers due on May 28 through the ECO Portal.

  • DOE introduces a second round of $6 billion in carbon capture tech funding.
  • First-round beneficiaries numbered over 100 across 35 states.
  • The Qualifying Advanced Energy Project Credit Program (48C) provides tax credits for facilities with at least a 20% emission reduction.
  • Project certifications and operational commencement within two years are required to receive funds.
  • Concept paper submissions through the ECO Portal are due by May 28.

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