Carbon Capture Coalition Endorses the Carbon Capture Improvement Act of 2019
June 10, 2019 | News
The Carbon Capture Coalition endorses the Carbon Capture Improvement Act of 2019, which was introduced today by U.S. Senators Michael Bennet (D-CO) and Rob Portman (R-OH).
Coalition co-director Brad Crabtree issued the following statement:
“The Carbon Capture Coalition is pleased to endorse the Carbon Capture Improvement Act of 2019, federal legislation to authorize the use of tax-exempt private activity bonds to help finance the purchase of carbon capture equipment for installation at power plants and industrial facilities.
“Private activity bonds are a well-developed financial instrument that has proven successful over decades in reducing the cost of financing for a broad range of private infrastructure projects that provide significant public benefits.
“Carbon capture projects are capital intensive and typically require long periods of time to develop and construct, which increases financial risk for project developers and private investors. By providing access to tax-exempt bonds that can be paid back over a longer timeframe, this legislation provides an important tool for reducing the cost of capital for carbon capture projects at industrial facilities and power plants.
“The Coalition commends Senators Bennet and Portman for their bipartisan leadership, and we look forward to supporting their efforts to enact this urgently-needed legislation to scale up private investment in critical carbon capture technology in the marketplace.”