The US wants to have carbon capture and storage technology ready to deploy across its coal-fired power stations within a decade, President Obama’s top climate change official has announced.
Norway’s finance minister Kristin Halvorsen has this week announced his government plans to raise a record investment of almost £400 million in 2010 to spend on CCS technology.
Norwegian Prime Minister Jens Stoltenberg has in the past likened the development of CCS technology to the US/Soviet race to the moon, adding that his nation wanted to help lead the way in regard to CCS.
But Mr Chu said the US Government would be investing about £2.5 billion in carbon capture. A further investment of about £3.5 billion is expected from the American private sector.
The news comes as politicians from around the world this week meet in London to agree action on tackling climate change.
Further meetings will be held in Copenhagen in December.