$10 million for new carbon-to-value initiative in New York State

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The New York State government has unveiled a new programme to accelerate research, development and commercialisation of innovative carbon-capture technologies.

The state governor Andrew Cuomo has announced $10 million in investment for the establishment of the Carbontech Development Initiative.

The programme forms part of efforts by the state to meet its carbon emissions reduction targets and to establish New York as a world-class hub of carbon-to-value research, technology transfer and commercialisation.

Currently, the state is seeking organisations to design and operate the Carbontech Development Initiative. The organisation will be responsible for programming, securing sources of funding and engaging industry participants, and environmental justice and other disadvantaged communities.

The role of the project will be to secure private and public funding to support, in the form of grants, the development of emerging technologies that capture existing carbon or lower carbon emissions and transform this carbon into useful products. 

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Projects supporting the use of fossil fuels will be rejected to participate in the Carbontech Development Initiative.

The New York State Energy Research and Development Authority, in partnership with an organisation(s) that will be selected to operate the programme, will bring together academics, industry partners, investors, innovators, environmental justice and other disadvantaged communities to develop carbon-capture solutions.

Capturing carbon could account for up to 15% of the reductions required to achieve carbon-neutrality by 2050 as well as help New York to decarbonise sectors that are challenging to mitigate emissions, according to the New York State Climate Action Council.

The Carbontech Development Initiative is the first of two components that will launch in 2021 as part of a larger $19.5 million Carbontech programme managed by NYSERDA’s Innovation project.

Governor Cuomo said: “Capturing carbon and using it requires innovation, and this program will enable us to work with industry leaders who possess the necessary knowledge, technology and vision.

“If we want to reach our ambitious goal of creating a greener, cleaner future for all New Yorkers, we need to make decarbonisation a top priority. The Carbontech Development Initiative will help us to establish this innovative practice right here in New York, while simultaneously fueling economic growth and community engagement.”