COLUMBUS, Ohio--(BUSINESS WIRE)--“The Clean Air Task Force applauds the passage
by Congress of a tax incentive package to promote carbon capture and
storage (CCS).
CCS is a method of capturing global warming CO2 emissions from coal
plants and other industrial sources. CCS prevents the release of CO2 to
the atmosphere by storing it in deep geologic formations like depleted
oil fields or deep saline formations. The tax incentives were included
in the credit market bail out bill.
These incentives are an important first step in promoting carbon capture
and storage as a tool to fight global warming.
The incentives are designed to drive early commercial
CCS projects forward. Possible projects that could benefit include coal
gasification and power production CCS projects in the Midwest as well as
a pipeline from the Midwest to the Gulf Coast for enhanced oil recovery.
The credit market bailout package passed by Congress included $2.5
billion in incentives for developing CCS. $1.4 billion provides an
investment tax credit for CCS power projects that capture and store 65
percent of their carbon dioxide and gasification projects that capture
75 percent of their carbon dioxide.
An additional $1.1 billion in tax incentives will be available in the
form of a $20 per ton tax credit for geologic carbon storage (GCS) and a
$10 per ton tax credit for enhanced oil recovery (EOR), providing the
CO2 comes from an industrial or power project that captures a minimum of
half a million tons of CO2 per year.”
Kurt Waltzer is the Carbon Storage Development Coordinator, Coal
Transition Project, Clean Air Task Force.
About the Clean Air Task Force
The Clean Air Task Force is a national environmental organization that
is dedicated to restoring clean air through scientific research, public
education, and legal advocacy. The Clean Air Task Force is comprised of
twenty professionals with backgrounds in science, engineering, law,
economics and public outreach headquartered in Boston, but located
throughout the United States. CATF is recognized as one of the nation’s
leading environmental organizations addressing air quality and
atmospheric protection issues, and its work is widely respected in
government and industry. For more information about the Clean Air Task
Force, see http://www.catf.us/.