WASHINGTON, (Reuters) – The U.S. Department of Energy announced Thursday that it will commit $2.25 Billion to projects to store carbon dioxide underground to combat climate change.

Bipartisan Infrastructure Bill signed by President Joe Biden last January will fund carbon storage validation testing and funding over the next five year.

Emily Grubert (Deputy Assistant Secretary for Carbon Management at the Department) stated that “the goal is to have commercially accessible facilities for storage.”

Grubert claimed that money would “quickly” come, but provided no details regarding the timing.

This program is designed to store carbon from various projects, including those that capture emission from power plants or other industrial sites. It will also remove carbon directly from the atmosphere. The program will examine potential storage locations both offshore and onshore, including at the Gulf of Mexico’s depleted oil fields and under-the-seabed areas.

The cost of capturing carbon emissions from power stations adds to electricity generation costs. Companies often seek subsidies to cover this expense.

Direct capture is a new technology that extracts carbon dioxide from the air. It can be as expensive as $600 per ton.

However, backers believe that the funding will result in cost reductions and advances.

Grubert stated that companies can be confident in their ability to store carbon underground for a nearly permanent period of time without leaking.

Grubert stated that there are likely to be many opportunities for fossil fuel workers and transitioning companies in the space, as a lot similar skill sets exist.

Biden’s target of decarbonizing our economy by 2050 may be hampered if his larger climate legislation isn’t passed by Congress.

According to many scientists, the best way to stop climate change is to eliminate emissions. But carbon storage may be required to minimize the negative effects from greenhouse gasses.