Revamped 45Q Tax Credit Spurring US Carbon Capture and Geologic Storage Projects
October 29, 2019 | News
The Carbon Capture Coalition was pleased to join with the Global CCS Institute (GCCSI) on Monday, October 28th to host a breakfast briefing with media in Washington, D.C. to announce the latest updates to GCCSI’s global project database. With Monday’s announcement, GCCSI has now added ten carbon capture projects in development to the global database. Eight of those projects are in the U.S., including the Oxy Low Carbon Ventures and Carbon Engineering direct air capture facility announced earlier this year, which will be the largest direct air capture project in the world when operational, and the Wabash CO2 Sequestration project, which will be the largest saline storage project in the US when it is fully operational.
According to GCCSI, there are now 19 large-scale carbon capture facilities in commercial operation, 4 under construction and 28 in various stages of development worldwide with an estimated combined capture capacity of 96 million tons of carbon dioxide per year.
As Coalition Director Brad Crabtree noted in GCCSI’s press release, “These carbon capture and geologic storage projects across multiple industries and different regions of the country underscore how the revamped federal 45Q tax credit, coupled in some cases with DOE funding for engineering, is stimulating early project development and investment. This is just the beginning – we will see even more projects emerge as soon as the U.S. Treasury comes out with its long-delayed guidance on the 45Q credit.”
Visit the GCCSI website to view their CO2RE global database here: https://co2re.co.