Aug 25, 2022
The CHIPS and Science Act doubles DOE investment in carbon removal research
This bill marks a historic boost for RD&D.
Earlier this month, President Biden signed the CHIPS and Science Act into law, allocating significant funding towards carbon removal innovation. Included in the bill is an unprecedented $1 billion investment in carbon removal research, development, and demonstration at the Department of Energy’s Office of Fossil Energy and Carbon Management. The CHIPS Act authorizes these funds for fiscal years 2023–2026, more than doubling the existing authorization.
The CHIPS and Science Act provides important funding in support of DOE’s Carbon Negative Shot, which aims to accelerate affordable, equitable, and effective carbon removal. The CHIPS Act is also part of slew of climate legislation recently passed including the Bipartisan Infrastructure Deal, which invests in DAC innovation, reforestation, and transportation and storage infrastructure, and the Inflation Reduction Act, which gave a boost to land and tech solutions with billions in new funding.
Unlike other legislation, the CHIPS and Science Act authorizes spending but doesn’t actually appropriate it — it’s up to Congress to pass a budget that meets the bill’s spending targets. Stay tuned as we continue to provide updates on FY23 appropriations over the coming weeks.
Edited by Ana Little-Saña
