U.S. launches $3.5 billion program to speed development of up carbon removal tech

FILE PHOTO: Equipment used to capture carbon dioxide emissions is seen at a coal-fired power plant owned by NRG Energy where carbon collected from the plant will be used to extract crude from a nearby oilfield in Thomspsons, Texas, U.S. on January 9, 2017. REUTERS/Ernest Scheyder

WASHINGTON (Reuters) - The U.S. Energy Department launched a program on Thursday to fund four large-scale projects across the country that can remove carbon dioxide from the air, investing $3.5 billion in a nascent technology the Biden administration says is necessary to meet a goal of achieving net zero emissions by mid century.

The agency released a formal notice saying it would fund the $3.5 billion program created by the 2021 Bipartisan Infrastucture Law that would create four regional direct air capture hubs to spur the widespread deployment of the technology and carbon dioxide transport and storage infrastructure.