The Biden administration is releasing $2.5 billion in federal funding to help develop carbon capture projects, one of the technologies Houston city leaders are banking on to help turn the region into a clean energy hub.
said $1.7 billion in funding will go to up to six carbon capture projects where emissions are transported and stored geologically with an additional $820 million targeted toward large-scale pilot projects that can be used to capture emissions from the power and industrial sectors.
The technology has so far proved to be prohibitively expensive, but a number of startup businesses and some oil companies, including Occidental Petroleum, are investing in the technology as a means to keep using oil and natural gas as nations move toward net-zero greenhouse gas emissions.is developing a large-scale carbon storage complex in the Houston area to serve the region’s massive industrial and petrochemical sectors.
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