Coalition Applauds Introduction of INVEST CO2 Act
October 29, 2019 | Legislation
Carbon Capture Coalition director Brad Crabtree released the following statement on the introduction of first-of-its-kind carbon capture infrastructure legislation:
“The Carbon Capture Coalition applauds Representative Cheri Bustos for her vision and leadership in introducing the Investing in Energy Systems for the Transport of CO2 Act (H.R.4905 – INVEST CO2 Act), first-ever legislation to help finance the development of regional infrastructure to transport CO2 captured from industrial facilities and power plants to where it can be geological stored or put to beneficial use.
The INVEST CO2 Act advances key federal transport infrastructure recommendations of the Coalition’s 70-plus companies, unions and NGOs. These recommendations were released to Congress earlier this year in the Coalition’s federal policy blueprint and include:
• Providing low-interest federal loans to leverage private capital investment in financing additional pipeline capacity needed to realize economies of scale and enable future growth of carbon capture, use and storage projects across the country, including in regions not yet served by such infrastructure;
• Supporting ﬂagship regional demonstration projects that feature large-volume, long-distance interstate trunk lines linking multiple industrial facilities and power plants that can supply captured CO2 to multiple utilization and geologic storage sites; and
• Conveying a sense of Congress that states should designate pipelines dedicated to the transport of anthropogenic or manmade captured CO2 as “pollution control equipment”, so that they qualify for ad valorem and property tax abatements to complement federal financing.
The INVEST CO2 Act reflects an overdue commitment to making CO2 pipelines an important component of our nation’s broader infrastructure agenda. Members of the Carbon Capture Coalition stand ready to work with Representative Bustos and other members of Congress on a bipartisan basis to advance these provisions of the bill, which will help put our nation on a path toward achieving economywide deployment of carbon capture, use and storage necessary to meet midcentury climate goals, while sustaining and growing domestic energy and industrial production, manufacturing and high-wage jobs.”