CREST Act of 2023

The CREST Act of 2023 establishes federal research, development, and pilot programs to advance carbon removal technologies that capture and store carbon dioxide from the atmosphere or oceans. It creates specific programs for biomass carbon removal (including algal systems), geological carbon mineralization, ocean-based carbon removal, and direct air capture technology manufacturing, with funding totaling millions of dollars annually for these initiatives. The bill also establishes a carbon removal purchasing pilot program where the Department of Energy would buy carbon removal services from eligible companies at set prices, requiring measurement, reporting, and verification of carbon removal activities. The legislation defines key terms related to carbon removal and sets requirements for the technologies and approaches that qualify for federal support.