[Congressional Record Volume 168, Number 103 (Thursday, June 16, 2022)]
[Senate]
[Pages S3004-S3005]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Ms. COLLINS (for herself and Ms. Cantwell):
  S. 4420. A bill to provide for advancements in carbon removal 
research, quantification, and commercialization, including by 
harnessing natural processes, and for other purposes; to the Committee 
on Energy and Natural Resources.
  Ms. COLLINS. Mr. President, I rise today to introduce the Carbon 
Removal and Emissions Storage Technologies Act, the CREST Act. I am 
pleased to be partnering with Senator Cantwell 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 bring them 
down.
  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 strongly supported the Energy Act of 2020, which 
authorized the first comprehensive Federal carbon removal research and 
development program, and the bipartisan infrastructure, 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.

[[Page S3005]]

  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 would 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 microforest 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 solutions are the kinds that our new pilot program would 
seek to encourage.
  Mr. President, climate change is a significant environmental 
challenge that requires innovative and global solutions to reduce 
greenhouse gas pollution. While carbon removal and storage is only a 
small part of the solution, it is critical that we expand our country's 
work 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.
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