House Advances Reconciliation Package Which Features Transformative Policies to Scale Carbon Management
November 19, 2021 | Legislation
The following statement can be attributed to Carbon Capture Coalition External Affairs Manager Madelyn Morrison:
“The Carbon Capture Coalition applauds the House of Representatives as they advanced the Build Back Better Act today – a package flush with robust investments in clean energy technologies and policies to reach midcentury emissions reduction targets. If enacted, the package, in combination with the groundbreaking carbon management provisions included in the recently-enacted Infrastructure Investment and Jobs Act, could deliver an estimated 13-fold increase in deployment of carbon management technologies and between 210 and 250 million metric tons of annual emissions reductions by 2035.
“The Build Back Better Act represents the most transformative and far-reaching policy support in the world for the economywide deployment of carbon management technologies, with the inclusion of top Coalition priorities: a multi-year extension of the 45Q commence construction window; direct pay at full value of the 45Q tax credit; enhanced credit values for industry, power and direct air capture, and significantly lowered annual CO2 capture thresholds for the 45Q program. The historical legislation will provide a critical pathway to creating and retaining the high-wage jobs base and communities that depend upon them, while positioning our nation’s industrial, energy and manufacturing sectors for global leadership in achieving net-zero emissions by midcentury.
“As the bill moves to the Senate for further consideration, negotiations remain ongoing regarding the broader policies of the bill and potential technical changes. The Coalition’s more than 80 labor, NGO, and industry partners will continue to work with members of Congress and their staff to ensure that the final package retains the incredible gains made on carbon management policies in the bill’s base text and delivers an essential down payment on emissions reduction targets while retaining and creating high-wage jobs and fostering domestic energy and industrial production.”
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.