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A direct air capture project site outside Reykjavik, Iceland. Photo: Melanie Stetson Freeman/The Christian Science Monitor via Getty Images

As the risks of climate change mount, the U.S. continues to lag behind other parts of the world, especially Europe, in funding R&D for carbon management and other innovative technologies.

The big picture: Government leadership could help fund early-stage research and spur private sector investment in a potentially $1 trillion market. Congress is aiming to advance this goal through several new bills — including the Senate's EFFECT Act, which would establish a Department of Energy program to use carbon dioxide as a resource for profitable products.

Background: Diverse solutions to reduce, reverse and remove carbon dioxide emissions will be critical to avert the most catastrophic effects of atmospheric warming.

Details: The EFFECT Act could provide over $100 million in funding and support for CCUS technologies in 2020 alone.

  • It would also allocate multi-year funding for direct air capture R&D, including a $15 million prize competition, and support implementation of carbon storage validation and testing at emissions-heavy natural gas and industrial plants.
  • Under the bill, DOE would work with the National Academies of Science, Engineering and Medicine on a study of barriers to and opportunities around commercializing carbon dioxide.
  • Further support for carbon removal technologies could come from the USE IT Act and the 45Q tax incentive, a Trump administration policy that provides tax credits of up to $50 for each ton of CO2 captured via CCUS.

Yes, but: The funding outlined in the EFFECT Act falls substantially short of levels called for in a recent National Academies report.

  • This support sends an important signal to industry and investors, but more incentives are needed to develop markets for CO2 –based products through public procurement mandates.

What to watch: The EFFECT Act has passed the Senate Energy and Natural Resources Committee and earned bipartisan and bicameral support (the House has a similar version). It could move forward alongside or as part of other energy legislation in the fall.

  • Even still, carbon management is just one part of the portfolio of climate solutions, which encompasses energy efficiency, renewable development and other technologies.

Volker Sick is director of the Global CO2 Initiative at the University of Michigan.

Go deeper

21 mins ago - World

In photos: Global protests over Israeli–Palestinian conflict

A protest march in support of Palestinians near the Washington monument in Washington, D.C. on May 15. Photo: Andrew Caballero-Reynolds/AFP via Getty Images

Thousands of people rallied across the U.S. and the world Saturday following days of violence in Gaza and Israel that's killed at least 145 Palestinians, including 41 children, and eight Israelis, per AP.

The big picture: Most demonstrations were in support of Palestinians. There were tense scenes between pro-Israeli government protesters and pro-Palestinian demonstrators in Winnipeg, Canada, and Leipzig, Germany, but no arrests were made, CBS News and DW.com report.

Updated 8 hours ago - World

Biden in call with Netanyahu raises concerns about civilian casualties in Gaza

Photo: Ahmad Gharabli/Nicholas Kamm/Getty Images

President Biden spoke to Israeli Prime Minister Benjamin Netanyahu Saturday and raised concerns about civilian casualties in Gaza and the bombing of the building that housed AP and other media offices, according to Israeli officials.

The big picture: At least 140 Palestinians, including dozens of children, have been killed in Gaza since fighting between Israel and Hamas began Monday, according to Palestinian health officials. Nine people, including two children, have been killed by Hamas rockets in Israel.

Updated 9 hours ago - Politics & Policy

"Horrified": AP, Al Jazeera condemn Israel's bombing of their offices in Gaza

A ball of fire erupts from the Jalaa Tower as it is destroyed in an Israeli airstrike in Gaza. Photo: Majdi Fathi/NurPhoto via Getty Images

The Associated Press and Al Jazeera on Saturday condemned the Israeli airstrike that destroyed a high-rise building in Gaza that housed their and other media offices.

What they're saying: The White House, meanwhile, said it had "communicated directly to the Israelis that ensuring the safety and security of journalists and independent media is a paramount responsibility," according to press secretary Jen Psaki.