In a groundbreaking new development for the voluntary carbon market, the Biden administration rolled out a set of guidelines, in which the government addresses some of the key issues and challenges in the space that has seen intense scrutiny.
The U.S. was also active on the carbon removal front as the Department of Energy announced 24 semifinalists for the Phase 1 of the Carbon Dioxide Removal Purchase Pilot Prize. Winners will receive $1.2 million to advance their technologies and compete for the remaining $35 million in the program.
Carbon capture also had some important policy developments, as Illinois has come yet another step closer to state level regulation. A bill detailing rules for carbon capture and storage just secured bipartisan approval in the Illinois Senate and is now headed toward the Governor’s desk.
Meanwhile in Europe, Germany introduced a draft law reform that would allow for the storage of CO2 both on- and offshore. And in neighboring France, Air Liquide announced a €500 million green bond to support key energy transition projects including carbon capture and hydrogen.