Carbon Capture Coalition Statement on Recent IEA Report
September 28, 2022 | News
The following statement can be attributed to Madelyn Morrison, Government Affairs Manager for the Carbon Capture Coalition:
“This week the International Energy Agency (IEA) released an assessment of the components of the global energy system that are critical in meeting midcentury emissions reduction targets. Of the 55 technologies assessed, only two are ‘on track’ to reach their emissions reduction potential. Carbon capture, removal, utilization, transport and storage technologies, however, were determined to be ‘not on track.’
“Historically, carbon management technologies have suffered from a lack of sufficient federal policy support to scale the industry at the rate necessary to reach midcentury climate obligations. Following the enactment of more than $12 billion of federal investment in carbon transport and storage infrastructure in the 2021 Bipartisan Infrastructure Law, and the recent monumental enhancements to the 45Q tax credit included in the Inflation Reduction Act, these investments should result in a 13-fold increase in carbon management capacity and annual CO2 emissions reductions of 210-250 million metric tons by 2035. With ongoing necessary federal policy support for these technologies now law, these investments will drive additional project development in sectors where carbon management has been identified as an essential tool to decarbonizing our economy and help us reach net-zero by 2050.”
Convened by the Great Plains Institute, the Carbon Capture Coalition is a nonpartisan collaboration of more than 100 companies, unions, conservation and environmental policy organizations, building federal policy support to enable economywide, commercial scale deployment of carbon management technologies. This includes carbon capture, removal, transport, utilization, and storage from industrial facilities, power plants, and ambient air.