BPC Action Applauds Fossil Energy Research and Development Act in Energy and Environment

BPC Action applauds Reps. Veasey (D-TX) and Schweikert (R-AZ) for introducing the Fossil Energy Research and Development Act. The bill is an important step toward increasing carbon capture, removal, utilization and storage technology innovation to achieve economic growth and emission reductions. Its research, development and demonstration incentives will help stimulate technological advances, drive down costs, and boost efficiency. The bill also establishes a dedicated research program for carbon removal and authorizes a vital prize competition and test center for direct air capture technologies that remove carbon dioxide from ambient air.

Energy innovation in carbon capture, removal, utilization, and storage technologies is imperative for reducing carbon pollution and decarbonizing our economy. These technologies are needed since fossil fuels use is projected to retain a significant role in meeting growing global energy demand over the next several decades. To make our economy cleaner and more competitive worldwide, the U.S. must develop a portfolio of low-, zero-, and negative-carbon technologies.