Home / Technology / Energy Dept to Award $8B in Loans for Fossil Fuel Projects; Ernest Moniz Comments

Energy Dept to Award $8B in Loans for Fossil Fuel Projects; Ernest Moniz Comments

fossil fuelThe Energy Department has issued an $8 billion solicitation in loan guarantees for fossil energy projects intended to help reduce greenhouse gas emissions.

The loan guarantee, mandated under the Energy Policy Act, is meant to fund advanced fossil energy programs, including resource development, carbon capture and low-carbon power technology for minimizing carbon dioxide, methane and other greenhouse gas emissions, the DOE said Thursday.

Ernest Moniz, DOE secretary, said coal and other fossil fuels supply 80 percent of energy in the U.S. and will remain an important part of the government’s low-carbon initiative.

“By helping to accelerate the introduction of innovative, clean fossil energy technologies ready for deployment at commercial-scale today, investments under this solicitation will help ensure we continue to have access to affordable, clean energy from all our domestic energy resources tomorrow,” Moniz added.

The DOE’s Loan Programs Office is handling various projects worth more than $30 billion combined for wind farms, solar generation and thermal energy systems, nuclear power plant, electric vehicle manufacturing company and several retooled auto manufacturing plants across the U.S.

The Energy Department is accepting applications for the projects until February 2014.

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