The U.S. Department of Energy’s Office of Fossil Energy and Carbon Management in March issued a notice of intent (NOI) to launch a Voluntary Carbon Dioxide Removal Purchasing (CO2RP) Challenge. The NOI is related to the DOE’s Carbon Dioxide Removal Purchase Pilot Prize, which addresses biomass carbon removal with storage (BiCRS) technologies. Bioenergy with carbon capture and storage (BECCS) is a common type of BiCRS.&nbsp;The upcoming CO2RP Challenge will call on organizations to purchase small and growing quantities of high-quality, permanent CO2 removal (CDR) credits. According to the DOE, the CO2RD challenge will operate in coordination with the Carbon Dioxide Removal Purchase Pilot Prize, an initiative launched last year that will award up to $35 million in cash awards to teams that provided impactful CDR concept proposals, develop and refine these plans, and ultimately deliver their specified CDR credits. The challenge will also invite CDR suppliers that were not selected or did not apply for the CDR Purchase Prize to seek designation as a “next wave” supplier that demonstrates promise for other future DOE or private sector CDR credit purchasing efforts.&nbsp;The application period for the Carbon Dioxide Removal Purchase Pilot Prize closed in December. The funding opportunity addresses four areas of interest, including direct air capture, enhanced CO2 mineralization, BiCRS, and other planned and managed carbon sinks with secure geological storage or equivalent. Under the funding opportunity, BiCRS projects include those that use biomass to naturally remove CO2 from the atmosphere or seawater via photosynthesis, in combustion, gasification, or other conversion processes where the resulting CO2 emissions are captured and stored. Eligible BiCRS approaches include BECCS or the direct conversion of biomass into long-lived, biobased products with market or storage potential. Eligible BiCRS pathways must demonstrate net-negative greenhouse gas (GHG) emissions on a cradle-to-grave life cycle basis, and the removed CO2 must remain securely stored or locked away in products. This spring, the DOE will announce up to 25 semifinalists, which will then compete for the 10 final awards. &nbsp;According to the DOE, the CO2RD Challenge features an innovative public-private partnership structure that aims to catalyze CDR credit purchases and improve transparency of the CDR credit supply. While no new funding will be made available through the CO2RD Challenge, it aims to foster further private spending on CDR credits by connecting top suppliers and buyers, as well as creating a leaderboard of carbon removal purchases. The DOE said the leaderboard will enhance market transparency, giving organizations interested in CDR credit purchases greater confidence to move forward. To encourage as many entities as possible to join the challenge, DOE said it does not envision a floor to participate, and will encourage purchasers to disclose all removal credit purchases, not just those matching DOE Purchase Pilot Prize winners. For suppliers, the challenge will provide an additional opportunity for DOE to evaluate their credits.&nbsp;The terms of the upcoming challenge have not been finalized. The DOE is seeking public input on how to structure the challenge, as well as on interest in joining the challenge when it formally launches later this year. Public comments can be filed through May 15. Additional information is available on the Federal Register <a href="https://www.federalregister.gov/documents/2024/03/14/2024-05269/notice-of-intent-regarding-launching-a-voluntary-carbon-dioxide-removal-purchasing-challenge-doe">website</a>.

2024-03-25 - DOE announces intent to launch voluntary carbon dioxide removal purchasing challenge (2 publications)

thumbnail_DOELogoBigger_16897246046102-300x300-noup.jpg

DOELogoBigger_16897246046102-300x300-noup.jpg

The U.S. Department of Energy’s Office of Fossil Energy and Carbon Management in March issued a notice of intent (NOI) to launch a Voluntary Carbon Dioxide Removal Purchasing (CO2RP) Challenge. 

DOE announces intent to launch voluntary carbon dioxide removal purchasing challenge

Related Stories

The New Tools of Preventative Maintenance

Iowa governor signs bill that boosts funding for renewable fuel infrastructure program

Aemetis reports increased revenues for Q1

Anew Climate, Summit Carbon Solutions advance megaton CO2 removal project

RFA announces new associate member, BKV Corp.

Upcoming Events

Biodiesel Summit: Sustainable Aviation Fuel & Renewable Diesel

Carbon Capture & Storage Summit

DOE announces intent to launch voluntary carbon dioxide removal purchasing challenge.css-7jxktu{position:absolute;bottom:0px;left:0px;right:0px;height:3px;border-radius:3px;background-color:var(--chakra-colors-brandBlack);}