GREAT NEWS!
Recent analysis has shown that the expanded and improved tax credits for capturing and storing carbon emissions - known as 45Q - may finally have tipped the scales in favor of these vital emerging technologies.
Julio Friedmann of the Energy Futures Initiative thinks “we’ll see dozens of [carbon-capture] projects appear in the next couple of years that could not have happened otherwise.”
What’s especially helpful about these tax credits is that they apply to technologies that capture emissions directly from a source AND to ones that scrub CO2 from the air - a crucial part of solving the climate crisis.
The article also brings up a good point on how CCUS can be a source of bipartisan cooperation in Washington. The 45Q tax credit was supported by both climate deniers and strong environmentalists - namely Sen. John Barrasso (R-WY) and Sen. Sheldon Whitehouse (D-RI).
More news will be coming out over the next few weeks. The 45Q tax credit is definitely a bright spot in what’s recently been a dark time in US climate policy. It will no doubt bring about some positive developments for CCUS, the climate, and our economy.