Groups want Congress to tweak carbon capture incentives
Source: By CARLOS ANCHONDO, E&E News • Posted: Tuesday, December 12, 2023
The Archer-Daniels-Midland logo is seen outside its corporate headquarters. ADM, which has for years been storing carbon emission from operations in Decatur, Illinois, is among the companies looking for changes to existing tax incentives. Seth Perlman/AP
A contingent of carbon capture and storage proponents is urging Congress to tweak a tax credit essential to greater project deployment.
In a letter Monday, more than 50 unions, conservation groups and energy companies called on congressional leadership to include a “targeted suite of small-scale adjustments” to the federal 45Q tax credit in any forthcoming legislative package.
Failing to address “remaining small-scale gaps in federal policy” could hinder deployment of carbon capture and removal technologies, “imperiling” jobs, economic development, energy security and “the prospect of urgently needed — and achievable — greenhouse gas emissions reductions,” the letter said.
Signatories include agribusiness company Archer-Daniels-Midland; a subsidiary of oil and gas company Occidental Petroleum; the National Wildlife Federation; CO2 pipeline developer Summit Carbon Solutions; and the Carbon Capture Coalition, a pro-CCS group with more than 100 members.
The letter, which touted bipartisan support for carbon capture and removal technologies, said “pragmatic adjustments” could further expand U.S. leadership in the sector.
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