So far, 2020 has been a banner year for carbon capture development. The expanded and extended 45Q tax credit for carbon capture, utilization and sequestration (CCUS) projects passed by the U.S. Congress in early 2018 is still the most significant carbon capture-specific incentive available, globally, and is spurring the progress of dozens of projects around the U.S. Other countries that are looking to create successful carbon reduction policies are closely tracking the impact of 45Q.
As a result of 45Q tax credits, state level incentives, and grant funding from the U.S. Department of Energy (DOE), more than thirty carbon capture and storage projects are at various stages of planning and development. Based on our research of project announcements and public information, these projects together represent a potential doubling of existing global carbon capture and storage capacity.
Now, thanks to CATF’s new interactive map, researchers can track these early stage U.S. based CCUS projects. One needs only to click on each colored circle on the map to learn each project’s location, sector (industrial, power or direct air capture), type of CO2 storage (EOR or saline), storage capacity and current status. The map also shows the vast expanse of potential geologic saline storage formations around the country. We will regularly update the map to reflect project advances and new project announcements.
However, to ensure that we are successful in achieving large-scale verifiable CO2 reductions through carbon capture, and to substantially expand this project list further, the U.S. Congress must enact additional supportive policies. CATF has outlined immediate policy actions that we recently recommended on our blog here.
Clearly the time for action is now, and that topic will be addressed in a hearing of the Senate Energy and Natural Resources Committee on Tuesday, July 28. Details of the hearing can be found here.
To learn more, reach out to Deepika Nagabhushan, CATF Program Director for Carbon Capture, email@example.com.