Carbon Capture Coalition Welcomes Reintroduction of Financing Our Energy Future Act
March 26, 2021 | Legislation
The Carbon Capture Coalition today welcomed the bipartisan and bicameral reintroduction of the Financing Our Energy Future Act today by Senators Chris Coons (D-DE) and Jerry Moran (R-KS) and Representatives Mike Thompson (D-CA) and Ron Estes (R-KS).
Coalition Director Brad Crabtree issued the following statement:
“The Carbon Capture Coalition welcomes the reintroduction of the Financing Our Energy Future Act by Senators Chris Coons (D-DE) and Jerry Moran (R-KS) and Representatives Mike Thompson (D-CA) and Ron Estes (R-KS). We thank the sponsors for recognizing carbon capture as an essential element of our nation’s broader portfolio of clean energy and industrial technologies needed to achieve net-zero emissions and for addressing one of the challenges to financing its wider commercial deployment.
“By ensuring the availability of tax-advantaged master limited partnerships (MLPs) as a tool for financing carbon capture, direct air capture, and carbon utilization projects, this legislation will reduce the cost of equity and provide project developers with access to capital on more favorable terms. The Coalition recommended making such projects eligible for the MLP structure in our Federal Policy Blueprint for the 117th Congress as one of a suite of policies needed to build on the 45Q tax credit to foster economywide deployment of carbon capture, removal, transport, utilization and geologic storage.
“Enactment of this legislation will support domestic American energy and industrial production and create highly-skilled jobs that pay above average wages, all while reducing carbon emissions. We look forward to its passage.”
Full text of the bill is available here
The Carbon Capture Coalition is a nonpartisan collaboration of more than 80 businesses and organizations building federal policy support for economywide deployment of carbon capture, removal, transport, utilization, and storage. Our mission is to reduce carbon emissions to meet midcentury climate goals, foster domestic energy and industrial production, and support a high-wage jobs base through the adoption of carbon capture technologies. Convened by the Great Plains Institute, Coalition membership includes industry, energy, and technology companies; energy and industrial labor unions; and conservation, environmental, and energy policy organizations.