New York Governor Andrew M. Cuomo has announced a $10 million (£7.3m) initiative to establish the state as a “world class hub” of carbon-to-value research, technology transfer and commercialisation.
The Carbontech Development Initiative is seeking proposals from organisations to design and operate the new entity, which will build out programming, secure sources of private and public funding and award grants to advance technologies that capture existing carbon or lower carbon emissions and transform it into useful products.
It will, however, not back solutions that support the use of fossil fuels.
The organisation selected will convene academics, industry partners, investors, innovators, environmental justice and other disadvantaged communities and the public in support of advancing solutions focused on capturing or converting carbon dioxide into valuable end products or services.
As of 2017, the economic opportunity of expanding the carbontech market to industries not yet served by it, including building materials, consumer products and others, is estimated to be worth $1 trillion (£0.7tn) in the US and $6 trillion (£4.4tn) globally.
Governor Cuomo said: “Capturing carbon and using it requires innovation and this programme will enable us to work with industry leaders who possess the necessary knowledge, technology and vision.
“If we want to reach our ambitious goal of creating a greener, cleaner future for all New Yorkers, we need to make decarbonisation a top priority. The Carbontech Development Initiative will help us to establish this innovative practice right here in New York, while simultaneously fuelling economic growth and community engagement.”
The New York State Research and Development Authority (NYSERDA) will accept applications through 4th May 2021 from qualified institutions to run the initiative.