U.S. DOE and Google Commit to $35M Carbon Removal Credits

The U.S. Department of Energy has committed to purchasing $35 million carbon removal credits, and is challenging companies to do the same.

The U.S. DOE’s Office of Fossil Energy and Carbon Management is calling on organizations throughout the country to purchase carbon credits through their Voluntary Carbon Dioxide Removal Purchase Challenge.

This new public-private partnership hopes to increase movement in the voluntary carbon credit market and to promote transparency throughout the process. Some companies are already taking a stance. Google has pledged to match the DOE’s $35 million commitment.

Support for the voluntary carbon market at this early stage is essential for de-risking CDR technologies and providing much needed financial backing.

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