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On Friday, March 8th, the Senate cleared a $468.7 billion spending package to prevent a partial government shutdown…
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Toucan Partners With Puro.earth On World’s First Liquid Market For Biochar Credits Trace Carbon Solutions Submits Class VI Permit Application For Two CO2 Injection Wells To Serve Emission Sources Along The Gulf Coast Rising Costs Challenge Dutch CO2 Capture Project Porthos агреена zurich insurance ZS2 CapturePolicyRemovalHow The $468.7B Spending Package Affects Carbon Removal?byPetya TrendafilovaMarch 12, 20243 minute read Credit: wutzkohphoto | ShutterstockTotal0Shares 0 0 0 0 0 0 0 On Friday, March 8th, the Senate cleared a $468.7 billion spending package to prevent a partial government shutdown for several agencies funded in the bill. With a vote 75-22, the package was sent to President Joe Biden where he signed it late Sunday evening. The bill includes the fiscal 2024 Military-Construction-VA measure, the Agriculture, Commerce-Justice-Science, Energy-Water, Interior-Environment and Transportation-HUD bills or six major areas of government in total.The 2024 spending package includes several provisions that boost carbon removal development. According to the Carbon Business Council, a nonprofit coalition representing more than 100 companies in the carbon removal space, there are five key provisions that will continue to accelerate carbon removal action through permitting, procurement, and tax incentives. They are as follows: Carbon Dioxide Removal Prize: the prize enables companies to compete for the opportunity to sell carbon dioxide removal credits directly to DOE. $20,000,000 are included in the 2024 spending package to continue the competitive carbon removal purchasing pilot program. The Prize was launched in 2023 with $35,000,000. In-Situ Carbon Mineralization Sequestration: meaning converting CO2 gas into stone underground which happens when the emissions are injected into underground CO2-reactive rocks. The package directs the U.S. Environmental Protection Agency to brief the Committee on the state of the science with respect to the use of in-situ mineralization, including injection into non-sedimentary basins and the use of carbon dioxide dissolved into water, as a qualified sequestration pathway under the Class VI Underground Injection Control [UIC] Program. Federal Framework to Transition of UIC Class II Wells to UIC Class VI Wells: UIC Class II Wells are used only to inject fluids associated with oil and natural gas production while UIC Class VI Wells are used to inject CO2 into underground subsurface rock formations for long-term storage. The U.S. Environmental Protection Agency should provide a report to the Committees detailing a plan for consideration of guidance regarding the transition of UIC Class II wells to UIC Class VI wells under the existing regulatory structure.Marine Carbon Dioxide Removal Regulatory Framework: as marine carbon dioxide removal approaches need to be governed, the bill provides $250,000 to the Department of Energy’s Office of Fossil Energy and Carbon Management to work with other appropriate federal agencies and industry partners to develop, test, and evaluate ocean-based carbon dioxide removal technologies.Relevant: US Government Opens Request For Information On Marine Carbon RemovalAmortization of Research and Experimental Expenditures: The package includes restoration of the Internal Revenue Code (IRC) 174 (IRC 174) for same-year full deductibility of research and development (R&D) expenses (formerly modified by the 2017 Tax Cuts and Jobs Act). The measure is supported by the Carbon Business Council and its membership as it is expected to help early stage companies innovate, advance, and scale new commercial technologies.“The federal spending package is a continuation of America’s leadership in carbon removal. Creating permitting frameworks, unlocking tax incentives, and ensuring there is a demand for high-quality carbon removals will help to accelerate the market. We applaud the Biden Administration, U.S. Congress and Senate for including these bipartisan carbon removal provisions in the budget, which unlocks private sector innovation and investment…,” commented Ben Rubin, Executive Director, Carbon Business Council.Relevant: The Carbon Business Council Celebrates First Anniversary, Reaches 100+ MembersAccording to a research by e&enews, the funding for DOE carbon capture research in the fiscal 2024 budget plan is set to decline from $135 million to $127.5 million. The CarbonSAFE program will also receive “not less than” $35 million for the projects focused on understanding and developing geologic storage sites for carbon dioxide. Overall $50.25 billion are allocated to DOE, or around $1.8 billion higher than the 2023 enacted level. 0 0 0 carbon business councilcarbon removal policy supportUS carbon removalLeave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment *Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ View Comments (0)Subscribe to Our Weekly Newsletter Get the Latest News About the Carbon Industry Subscribe By checking this box, you confirm that you have read and are agreeing to our terms of use regarding the storage of the data submitted through this form. Search Recent Posts How The $468.7B Spending Package Affects Carbon Removal? 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