The International Energy Agency, in its road map for achieving net-zero emissions by 2050, set a near-term target for the deployment of carbon capture capacity at 1.7 billion metric tons by 2030, a level that is more than 40 times the global capacity in 2021. The most significant action the US has taken towards reaching that goal has been to provide funding for various types of carbon management technologies and infrastructure through the bipartisan infrastructure law. Specifically, the bill gives the Department of Energy $12.1 billion for carbon projects.

S&P Global reporter Brandon Mulder spoke with DOE's Brad Crabtree, Assistant Secretary for Fossil Energy and Carbon Management, whose office is tasked with allocating that $12 billion to help jumpstart the carbon capture industry. They spoke about the DOE's priorities, the new Carbon Negative Shot initiative and possible enhancements to the federal 45Q tax credit.

Stick around after the interview for Chris van Moessner with the Market Minute, a look at near-term oil market drivers.

This podcast was produced by Jasmin Melvin in Washington and Jennifer Pedrick in Houston.

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