14 DAY TRIAL // The US Department of Energy has recently announced that $8 billion (€5.8 billion) is now available for advanced fossil energy projects in the country.
The money is available in the form of loan guarantees, and will serve to implement projects that eliminate, reduce or sequester greenhouse gas emissions coming from the energy industry.
More precisely, the Obama administration is seeking to support projects such as advanced resource development, carbon capture, low-carbon power systems, and efficiency improvements.
In a press release, the Energy Department details that, presently, 80% of the US' overall energy demand is met by coal and other fossil fuels.
Although efforts are being made to promote the use of renewables across the country, the fact remains that, as dirty as some might say that they are, these energy sources will continue to be a major part of the country's energy portfolio for several years to come.
Hence, it is of utmost importance that steps are taken to reduce the ecological footprint of fossil energy projects as much as possible.
This can be achieved by investing in technologies that limit the greenhouse gases pollution that coal and other similar energy sources produce, the Department says.
“Under the Obama Administration, the Energy Department is taking an all-of-the-above approach to American energy to ensure we develop all our abundant energy resources responsibly and sustainably,” Department of Energy Secretary Ernest Moniz said in a statement.
“Currently providing 80 percent of our energy, coal and other fossil fuels will continue to be a critical part of our energy portfolio as we move toward a low-carbon future.”
“By helping to accelerate the introduction of innovative, clean fossil energy technologies ready for deployment at commercial-scale today, investments under this solicitation will help ensure we continue to have access to affordable, clean energy from all our domestic energy resources tomorrow,” he went on to argue.
Applications for these loan guarantees can be submitted at apply.loanprograms.energy.gov. The Energy Department says that it will receive initial applications until the end of next year's February.