The newly launched Carbon Capture Ready website (CarbonCaptureReady.org) serves as a resource for a growing network of state leaders, industries, labor, and NGOs to realize the potential for carbon capture to transform economies and ensure a sustainable environment for future generations. Continue reading »
The Internal Revenue Service (IRS) recently released two pieces of guidance relating to the implementation of the reformed 45Q tax credit, relating to requirements defining beginning and continuous construction requirements for projects and a revenue procedure that establishes rules for business partnerships claiming the tax credit. Clarity and financial certainty on 45Q tax credit implementation is vital for carbon capture projects which have a narrow window of time to begin before the credit’s January 1, 2024 deadline for beginning of construction. Continue reading »
The calendar has turned to 2020 and the carbon capture industry is still waiting on the US Department of the Treasury to release additional guidance on the implementation of the reformed and expanded 45Q credit. Continue reading »
Leaders and stakeholders who are catalyzing carbon capture, storage, utilization, and removal efforts in the US recently gathered in Jackson Hole, Wyoming. Now in its second year, the CO2NNECT Conference, hosted by the Great Plains Institute (GPI), focused on what deliberate and strategic actions are needed for carbon capture, storage, removal, and utilization to reach its full potential as a national energy, jobs, and emissions reduction solution. Continue reading »
At a time when the rapid construction of new coal-fired power plants in China, India, and other emerging economies is contributing to significant global emissions growth, it is essential that the US continues to lead the way in commercial deployment of technologies to manage carbon emissions from existing power plants. Continue reading »
The clock is ticking. To qualify for the revamped 45Q carbon capture tax credit, a carbon capture project must begin construction by 2023—a very short time frame, especially for carbon capture projects that are capital intensive and have long lead times to develop, permit, and finance. Continue reading »
Proper implementation of the 45Q tax credit is crucial to realizing the significant carbon emission reduction, energy and industrial production, and job creation benefits that will come from economy-wide deployment of carbon capture technology. Congress enacted the reformed and strengthened 45Q tax credit—which is for the geologic storage and beneficial use of carbon captured from industrial facilities and power plants—more than a year ago as part of the Bipartisan Budget Act of 2018.
A recently formed governors’ group aimed at advancing the development and deployment of carbon capture projects and CO2 pipeline infrastructure across the United States sent a letter to Congressional leaders today urging passage this year of the bipartisan Utilizing Significant Emissions with Innovative Technologies (USE IT) Act, S. 2602. Continue reading »
A handful of North Dakota state legislators recently put forth a proposal to tap into the principal of the state’s constitutionally-established Legacy Fund to establish a loan program for infrastructure projects. The plan is expected to come before the 2019 State Legislature and will likely be one of many ideas and proposals that surface in the coming months which aim to utilize either the earnings or a portion of the principal of the Fund. Continue reading »
WASHINGTON, DC – A multi-state group co-convened by Wyoming Governor Matt Mead and Montana Governor Steve Bullock released a new report today outlining the opportunities and challenges for integrating power plants with carbon capture into the nation’s wholesale electricity markets. The State CO2-EOR Deployment Work Group works to expand carbon capture from power plants and industrial facilities for use in enhanced oil recovery with geologic storage (CO2-EOR). Continue reading »
