Inflation Reduction Act Enactment is a Historic Moment for Carbon Management
August 16, 2022 | Legislation
The following statement on the enactment of the Inflation Reduction Act may be attributed to Madelyn Morrison, external affairs manager of the Carbon Capture Coalition:
“Today marks a historic moment for carbon management as the enactment of the Inflation Reduction Act reinforces the essential role these technologies will play in our nation’s broader climate strategy and solidifies America’s domestic energy, industrial and manufacturing sectors as leading the way to a decarbonized global economy. The critical enhancements to the federal Section 45Q tax credit contained in the law, all of which were advocated for by the Carbon Capture Coalition, further incentivize economywide deployment of carbon management projects by providing investment certainty, additional credit value and the flexibility needed to drive greater private investment across multiple sectors. These incentives are critical to the continued growth and development of the carbon management industry and their enactment into law is yet another indication of the vital role they will play in climate and energy policy in the decades ahead.
“The Carbon Capture Coalition applauds the enactment of these enhancements, which will be instrumental in scaling the carbon management industry at the rate necessary to achieve midcentury climate targets, while retaining and creating family-sustaining jobs and safeguarding America’s domestic energy production. We will continue to work closely with our federal and external partners to ensure that these groundbreaking policies work as efficiently and effectively as intended.”
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.