U.S. Department of Energy

The Challenge Will Unlock Game-Changing Capital Supporting High-Quality Carbon Dioxide Removal to Meet Climate Goals

The U.S. Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM) today issued a notice of intent (NOI) to launch a Voluntary Carbon Dioxide Removal Purchasing Challenge (“Challenge”). The Challenge will call on external organizations to join DOE in purchasing high-quality carbon dioxide removal credits, following the Department’s recent commitment to procure $35M through the Carbon Dioxide Removal Purchase Pilot Prize. The Challenge’s innovative public-private partnership structure aims to catalyze carbon dioxide removal credit purchases and improve transparency of the carbon dioxide removal credit supply. This effort supports the Biden-Harris Administration’s climate goal of achieving net-zero emissions by 2050, as well as the goals of DOE’s Carbon Negative Shot, which aims to reduce the cost of removing carbon dioxide from the atmosphere to less than $100 per net metric ton of carbon dioxide-equivalent by 2032, together with robust monitoring, reporting, and verification and secure storage. The Challenge comes during a decisive decade where removals projects must move rapidly to full commercial scale to meet climate goals in coming decades.