15 May 2009 18:20 [Source: ICIS news]
WASHINGTON (ICIS news)--The Obama administration said on Friday it will spend $2.4bn (€1.8bn) in part to advance carbon capture and storage (CCS) applications at chemical plants, utilities and other industrial facilities that burn coal.
Energy Department Secretary Steven ?xml:namespace>
Chu announced the new carbon emissions reduction effort at a meeting in
“To prevent the worst effects of climate change, we must accelerate our efforts to capture and store carbon in a safe and cost effective way,”
He said the funding would “help position the
That mandate would, among other things, impose a carbon tax on utility and industrial emissions of carbon dioxide (CO2) and is expected to put the highest cost burden on coal-fired electric power plants.
The secretary said that $800m of the total funding would expand the department’s existing clean coal power initiative, which provides federal co-financing for new coal technologies that can help utilities cut their emissions.
But the bulk of the new funding package, $1.52bn, will pay for competitive projects that hold promise for large-scale carbon capture and storage applications at industrial sites such as chemical plants, cement producers and manufacturers of steel and aluminum, he said.
Part of that spending is to stimulate “innovative concepts for beneficial CO2 use and CO2 capture from the atmosphere”,
($1 = €0.73)
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