US CCS poised for expansion
Important updates to the legislation that covers 45Q tax credits mean the industry can now implement plans held up by financing uncertainty
The US carbon capture and storage (CCS) industry is finally set to thrive following the recent additional changes to the 45Q tax credit in the omnibus spending and Covid-19 relief bill passed in December, with further regulatory details provided last week, industry analysts predict. The most impactful changes are an extension of the construction start deadline for CCS projects by two years to 2025, and an extra $2bn of federal funding to help kickstart six new projects. The Bipartisan Budget Act of 2018, passed in February of that year, laid the foundation for the recent changes. Itself an update of previous legislation, the 2018 act included a revamped 45Q tax credit that significantly boo
Also in this section
1 May 2024
Abundant storage and low cost of capturing CO₂ from sharply rising gas production mean NOC’s ambitious CCUS targets look well within reach
29 April 2024
Decarbonisation push and shifting multilateral trade policy sharpens continent’s need for carbon trading
29 April 2024
Canada’s oil sands producers need policy certainty to make the multibillion-dollar investments needed to achieve net zero, Pathways Alliance president Kendall Dilling tells Carbon Economist
25 April 2024
Carbon capture rates forecast to rise steadily from end of decade, but policy tools to drive large-scale deployment have yet to take shape, according to DNV