Carbon GeoCapture’s Post

#NEW: The costs of #carboncapture and storage (#CCS) projects are beginning to lower and have a major impact on deploying the technology, due in large part to effective #taxpolicy, particularly the US #InflationReductionAct (#IRA) and Canada's Investment Tax Credit (ITC). The signs from the #IRA and ITC are encouraging, with more companies announcing projects and funding in the US and Canada, including an announcement this week from Bank of America. #CCS will play a key part of helping to #decarbonize heavy #industry, and the need to rapidly scale projects is increasing in order to meet #climategoals and reduce #carbonemissions. Another encouraging sign is companies focusing on utilizing #carbondioxide in various forms, including feedstock for fuels, which is another key way to boosting #CCS. Learn more from Axios:

#TriviaTuesday: How does the #InflationReductionAct (#IRA) help increase the use of #carboncapture and storage (#CCS) technologies? New reporting last week from McKinsey & Company outlines the global progress made towards #netzero targets by 2030 and 2050. #CCS has emerged as a key component to #decarbonization efforts, specifically in the United States and Europe. While there has been an influx of project pipelines, the study confirmed that in order to meet these #emissionsreductions targets, action needs to rapidly accelerate. The #IRA is a core piece of legislation that is helping accelerate the deployment of #CCS projects in the US, including through updates to the 45Q #taxcredit, which incentivizes the use of #CCS. The 45Q tax credit provides a tax credit for every ton of #carbondioxide captured and permanently stored in geological formations. By expanding and enhancing 45Q to $85/metric ton of #carbon, the tax credit is significantly more accessible to a broad array of investors and developers, moving #CCS projects closer to fruition. #Industrial sectors, which previously lacked the requisite incentives to decarbonize, are also incentivized participate in the #CCS industry. Learn more about the #IRA's benefits for #CCS:

#NEW: This week, the U.S. Department of Energy (DOE) granted Western Michigan University $5 million as part of a $44.5 million effort to advance commercial-scale #carboncapture and storage (#CCS) to help mitigate #climatechange across the United States. The Michigan Basin has been recognized as a top region for its #CCS possibilities, with at least 70 gigatons of #carbonstorage available in five key reservoirs. During this project, the university will lead a multidisciplinary cohort in creating a technical assistance partnership to accelerate the growth of a #carbonmanagement industry. The goal is to make the industry #equitable and environmentally responsible through the creation of a #CCS roadmap in the state. The grant is funded for three years. This project will be led by the Michigan Geological Survey team and supported by researchers and industry collaborators with a wide range of expertise, including transportation, community engagement, and risk management, among others. Learn more:

#TriviaTuesday: How are countries around the world using #carboncapture and storage (#CCS) to accelerate #decarbonization? Last week, Germany announced the launch of a funding initiative worth $3.7 billion focused on facilitating the #decarbonization of its #industry sector. The funding will be directed towards solutions that reduce the #carbonfootprint of industry operations, including using #CCS to store captured #carbondioxide in offshore underground sites. The funding from this initiative, which aims to begin in September, will specifically support #carbonstorage for hard-to-decarbonize sectors, including #cement, #glass, and #ceramics. Learn more:

#NEW: This week, the U.S. Department of Energy (DOE) announced over $127.5 million in federal funding aimed at supporting the establishment of test centers dedicated to capturing, removing, and converting #carbondioxide. This funding is aimed specifically on sectors that are high in #carbonemissions, such as #cement and #powerplants. Reducing emissions from these industries would enable the US to more quickly achieve its target of #netzero by 2050. When announcing the funding, Brad Crabtree, the Assistant Secretary of Fossil Energy and Carbon Management, said that that #carboncapture and storage (#CCS) is a "vital strategy for substantially lowering carbon dioxide emissions both domestically and globally." These investments will help reduce costs, minimize #environmental risks, and scale up #CCS, removal, and conversion processes to commercial scale. Learn more:

#TriviaTuesday: How is the US progressing in #decarbonizing its #industrial sector? Emissions from the industrial sector account for roughly 23% of domestic #greenhousegas emissions. Recent federal investments and policies aimed at industrial decarbonization have made significant progress toward addressing these emissions, including investments in #carboncapture and storage (#CCS). These include: -California and the Pacific Northwest have announced projects to advance low-carbon manufacturing, #hydrogen, and #CCS for industrial decarbonization, especially in the #cement and #glass sectors. -Numerous projects in the Gulf Coast have been proposed and awarded in Texas and Louisiana toward decarbonizing #chemicals, #refining, #steel, #iron, and #pulp and #paper manufacturing via #CCS. In addition to project-specific funding, last week the U.S. Department of Energy (DOE) announced $44.5 million in funding for nine university and industry-led regional partnerships to advance commercial-scale #CCS across the US through the Regional Initiative for Technical Assistance Partnerships (RITAP) program. Learn more:

#NEW: New updates show the #carbon utilization market size is projected to grow from $3.1 billion to $12.9 billion by 2030. This increase is due to the growing global focus on reducing #carbonemissions, and #carboncapture, utilization, and storage (#CCUS) technologies seen as vital to #decarbonizing certain heavy industrial sectors. #CCUS is particularly important for #power generation, #oil and #gas, #cement, and #chemicals. Currently, there are multiple large-scale #CCUS projects across the globe, including in the US, Canada, Australia, and Norway. Governments of several countries, including the US, Canada, the UK, and Australia, are promoting #CUS by offering #taxcredits and other benefits to fuel the market Looking ahead, Asia Pacific is set to be the fastest-growing region in the #CCUS market during this forecast period. Learn more:

#TriviaTuesday: What is a new development in #carboncapture and storage (#CCS)? Today, the U.S. Department of Energy (DOE) awarded $44.5 million in funding to support research and development of #CCS technologies, which aims to accelerate the #CCS commercialization by focusing on specific geographic regions with high potential for storing #carbondioxide. Under this funding, nine research teams, including universities, research institutions, and private companies, will collaborate on projects to enhance understanding of geological formations suitable for #CCS, and develop strategies to engage with communities, reduce costs, and streamline regulatory processes. These plans will be overseen by the National Energy Technology Laboratory and emphasize creating high-quality jobs. Learn more:

#NEW: Illinois has established a groundbreaking, comprehensive regulatory framework for the development of #carboncapture and storage (#CCS) projects. The state's legislature passed what's known as the SAFE CCS Act, which was signed into law in July. This legislation was the result of collaborative efforts among various stakeholders, including #industry representatives, #environmental groups, and #labor organizations, and outlines a set of standard features essential for the regulation of #CCS projects. Key points of the law include: 1) In order for a #CCS project to proceed, it is required to have consent of owners representing at least 75% of the project's surface area. This is designed to ensure that a majority of those directly affected by the project are in agreement with its implementation. 2) #CCS projects must demonstrate that they will not result in a net increase in potential #emissions of specific pollutants. Learn more:

#NEW: A new report this week from the Clean Air Task Force examines the performance of 13 significant current #carboncapture and storage (#CCS) projects and their successes as a way to understand the technology’s future impact on #climate action. The findings show that #CCS projects are working, and show increased benefits for the #climate. The report, "Carbon capture and storage: What can we learn from the project track record," examined several large-scale projects, including Sleipner, the Alberta Carbon Trunk Line, and Quest, and found that these projects have consistently met high levels of technical performance. This threshold demonstrates an achievable standard that "should, and must, be built upon" by more projects to ensure #climategoals remain achievable. Other key findings in the report highlight that operational experience, technological learning, and innovation can help overcome technical challenges that arise as #CCS is used at larger scales. Additionally, although large-scale #CCS projects represent a fraction of the commercial technologies actively capturing, transporting, and storing #carbondioxide, expanded #taxcredits and dedicated spending for #CCS in laws passed in the US and abroad have given developers more incentives to focus on increasing #CCS technology. Read more of the report's key findings: