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Photo by: Carbon Engineering / Carbon Engineering
Up to $1.2 billion in federal funding is headed to two Gulf Coast carbon capture projects, including an Oxy project south of Corpus Christi.
The project is set on more than 100,000 acres on the famed King Ranch in South Texas and is designed to eventually remove up to 30 million metric tons of carbon dioxide from the atmosphere each year.The Department of Energy also selected a project in southwest Louisiana being developed by Battelle, a nonprofit technology firm from Ohio. Both projects are slated to initially capture and permanently store up to 1 million metric tons of carbon dioxide each year.
The Biden administration, along with the United Nations, has identified carbon removal technologies as critical to get global greenhouse gas emissions to net zero by mid-century to avoid the more severe consequences of climate change. Under last year's Inflation Reduction Act, companies can earn $180 in tax credits for every ton of carbon they remove directly from the atmosphere.
 | Amanda Drane
Energy Reporter
amanda.drane@houstonchronicle.com |
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More energy news
Photo by: Jon Shapley/Staff Photographer
Companies curtailed natural gas ahead of storm to drive up price, lawsuit alleges.
 Photo by: Ross D. Franklin, AP | | Chinese economic woes are expected to temper the bullish momentum for oil prices. | |
 Photo by: Michael Wyke, Contributor | | The proposed Driftwood LNG project in Lake Charles, La., lost its remaining customer this week. | |
 Photo by: Associated Press | | Fossil Fuel Divest Harvard, a student group, took aim at Jody Freeman's role at the Houston-based oil company earlier this year. | |
 Photo by: Raquel Natalicchio/Staff Photographer | | The surge in prices won't immediately affect most retail consumers who pay a fixed rate for power. | |
What We're Reading
More than $30 billion in spending is delayed as setbacks pile up for the wind energy sector, the Wall Street Journal reports.
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