Madam President, I rise today to introduce the Carbon Removal and Emissions Storage Technologies Act, the CREST Act. I want to thank Senator Cantwell for her partnership in working on this bill. Our…
Madam President, I rise today to introduce the Carbon Removal and Emissions Storage Technologies Act, the CREST Act. I want to thank Senator Cantwell for her partnership in working on this bill. Our bipartisan bill would direct the Department of Energy to research and evaluate the feasibility of innovative carbon removal and storage pathways. The name the ``CREST Act'' alludes to the fact that we have reached the ``crest'' of our emissions, and we must work to reduce them.
With more and more private and public sector commitments to reach net-zero emissions within certain timeframes, companies are scrambling to invest in quantifiable, durable, and verifiable carbon removal solutions. Microsoft, for example, has made a commitment to be carbon negative by 2030. Even though Microsoft plans to reduce its greenhouse gas emissions by more than half, it will need to remove the rest of its carbon emissions. In order to do this, Microsoft plans to invest $1 billion in carbon removal technologies, such as direct air capture, forestation, and carbon mineralization.
Despite the growing number of companies that are looking to offset their emissions, current cost estimates show that private sector investment alone will not be sufficient to research and deploy carbon removal pathways. I supported the Energy Act of 2020, which authorized the first comprehensive Federal carbon removal research and development program, and the bipartisan infrastructure bill, which invested $3.6 billion in direct air capture. Although these investments have been significant, more work is needed in further research, increased testing, and enhanced public-private partnerships to help aid in scaling carbon removal technologies.
The CREST Act would expand the Department of Energy's carbon removal research and development programs to include carbon removal pathways that can permanently sequester carbon dioxide or use carbon dioxide to produce biofuels or products. The key areas of focus for research and development in our legislation are biomass carbon removal and storage, geological removal, atmospheric and aquatic removal, carbon dioxide storage, and carbon dioxide removal quantification.
Our legislation also aims to accelerate the commercialization of innovative carbon solutions through a pilot program at the Department of Energy. This pilot program would be charged with accelerating the deployment of affordable and proven carbon removal technologies. This reverse-auction style pilot program would position the government to purchase innovative and promising technologies, subject to certain criteria, and reduce the costs of those technologies. This would allow companies that may not have as much purchasing power as Microsoft to participate in carbon removal to help offset emissions.
This pilot program could also support companies that are leading the way in carbon removal technology, like Running Tide in Maine, in bringing down the cost of its product. Running Tide captures carbon dioxide using kelp microforests, sun, ocean currents, and gravity. This new and exciting company grows floating kelp microforests attached to biodegradable buoys that sink as they break down. The carbon captured through the floating microforest is effectively removed for hundreds of years once it hits the ocean floor. Running Tide hopes to soon be selling ``kelp carbon credits'' to help offset private entities' emissions. They are currently working to commercialize quickly. These innovative approaches are the kinds that our new pilot program could encourage.
Climate change is a significant environmental challenge that requires innovative and global solutions to reduce greenhouse gas pollution. While carbon removal is only a small part of the solution, it is critical that we promote innovation in this area. Our bipartisan bill has earned endorsements from Bipartisan Policy Center Action,
ClearPath Action, Citizens for Responsible Energy Solutions, and many others. I urge my colleagues to join Senator Cantwell and me in supporting this legislation.
