Oil Companies Seek Taxpayer Support for Carbon Removal Projects
Several oil and gas companies, including major players in the industry, are financially supporting projects aimed at removing carbon dioxide directly from the air and storing it underground. At least four of these companies are seeking additional funding from a $3.5 billion Energy Department competition. The involvement of oil companies in carbon removal initiatives has raised concerns among climate activists who worry that these companies may be more interested in justifying continued fossil fuel use rather than addressing global warming. However, proponents argue that capital and engineering support from the oil industry are crucial for the scalability of carbon removal technologies, which scientists believe are necessary to mitigate the impacts of climate change. The Energy Department plans to announce the first round of winners for the competition this summer.