Meng Introduces Legislation to Create a Prize Competition to Reduce Carbon in Atmosphere

WASHINGTON, D.C. – U.S. Rep. Grace Meng (D-NY) introduced legislation to create a prize competition to incentivize the development of technology that can successfully, and more rapidly, remove carbon from the atmosphere.

"Presence of carbon in the atmosphere contributes to rising sea levels and heat waves around the globe, and we are already seeing the devastating consequences," said Meng. "We must take action to reduce the amount of carbon in our atmosphere. Prize competitions have long been an effective tool to find cost-effective solutions for expensive problems, and establishing a prize competition to decrease the quantity of carbon in the atmosphere is the next logical step in tackling this issue."

Meng's bill, the Carbon Capture Prize Act (H.R.4096), directs the Department of Energy (DOE) to conduct a prize competition to incentivize the development, research, or commercialization of technology that reduces the amount of carbon dioxide in the atmosphere. The measure authorizes an aggregate prize amount of $5,000,000, and DOE may run the competition individually or with other agencies.

High concentration of carbon in the Earth's atmosphere prevents heat from escaping, resulting in warmer temperatures, sea-level rise, and changing climate patterns, including floods, droughts, heat waves, and stronger storms.

Co-sponsors of the measure include Reps. Nydia Velázquez (D-NY) and Jamie Raskin (D-MD).

A copy of the bill text can be found here.