Carbon Capture Coalition Endorses Carbon Capture Modernization Act

The Carbon Capture Coalition commends the introduction in the U.S. House of Representatives today of the Carbon Capture Modernization Act (H.R. 1796). The legislation, was introduced by Collin Peterson (D-MN), David McKinley (R-WV), Pete Stauber (R-MN), Kelly Armstrong (R-ND), Terri Sewell (D-AL), Greg Gianforte (R-MT),  Alex Mooney (R-WV) and Marc Veasey (D-TX). Coalition co-directors Jeff Bobeck and Brad Crabtree issued the following statement:

“The Carbon Capture Coalition endorses the Carbon Capture Modernization Act to reform the 48A tax credit as a critical tool to reduce carbon emissions from electric power generation and to support continued U.S. leadership in carbon capture technology.

The Act would correct design flaws in the 48A program that have made it impossible for companies to access existing incentives to retrofit currently operating coal-fired power plants with carbon capture technology.

Enactment of this legislation would free up an estimated $1.7 to $2 billion in available funding for tax credits, allowing U.S. power companies to pursue multiple additional carbon capture projects and build on the success of NRG Energy’s world class Petra Nova project at a power plant near Houston.

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 U.S. continue to lead the way in commercial deployment of technologies to manage carbon emissions from existing power plants.

The Coalition commends Representatives Collin Peterson (D-MN), David McKinley (R-WV), Pete Stauber (R-MN), Kelly Armstrong (R-ND), Terri Sewell (D-AL), Greg Gianforte (R-MT),  Alex Mooney (R-WV) and Marc Veasey (D-TX) for their bipartisan leadership in introducing this important bill and urges its passage in this Congress.”