Coalition Statement on Introduction of Fossil Energy Research & Development Act

Jeff Bobeck, Director of Energy Policy Engagement, C2ES, released the following statement on behalf of the Carbon Capture Coalition on the introduction of the Fossil Energy Research & Development Act:

“The Carbon Capture Coalition is pleased to endorse the Fossil Energy Research & Development Act, new legislation introduced today by Representatives Marc Veasey (D-TX) and David McKinley (R-WV), which will bolster funding for carbon capture research and development and provide new research directives aimed at improving carbon dioxide (CO2) storage and use and developing new CO2 utilization technologies.

Expanding support for federal research and development is crucial to improving and reducing the cost of carbon capture technology to achieve wider commercial deployment in the marketplace. The U.S. Department of Energy’s research and development program must have predictable funding, clear direction, and flexibility to pursue new goals as they are identified.

Carbon capture and carbon management technologies have advanced enormously during the past decade, and the Veasey-McKinley bill would accelerate that progress. This legislation also complements the FUTURE Act, recently passed bipartisan legislation to reform the federal 45Q tax incentive for CO2 storage and beneficial use that is already spurring new interest in carbon capture investment and project opportunities.

The Fossil Energy Research & Development Act has the potential to catalyze the deployment of new technologies for a generation, and the Coalition thanks Representatives Veasey and McKinley for their leadership on this critical issue.”

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The Carbon Capture Coalition is a diverse group of energy, industrial and technology companies, labor unions and environmental, clean energy and agricultural organizations advocating for the adoption of carbon capture technologies.