CO2 Removal Purchasers Challenge (CO2RP)
- Planned
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- Energy Infrastructure
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Overview
DOE issued a notice of intent (NOI) to launch a Voluntary Carbon Dioxide Removal Purchasing 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.
The Challenge aims to foster further private spending on removal credits by connecting top suppliers and buyers, as well as creating a leaderboard of carbon removal purchases. This leaderboard will enhance market transparency, giving organizations interested in carbon removal credit purchases greater confidence to move forward. To encourage as many entities as possible to join the Challenge, DOE does not envision a floor to participate, and will encourage purchasers to disclose all removal credit purchases, not just those matching DOE Purchase Pilot Prize winners. For suppliers, the Challenge will provide an additional opportunity for DOE to evaluate their credits.
Related Resources
Additional information is available on the Resources page.Funding Details
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Contact Information
Rory Jacobson, 202-586-1650, [email protected]