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U.S. Senators Lisa Murkowski (Republicans, Alaska) and Michael Bennet (Democrats, Colorado) have introduced a Carbon Dioxide Removal Investment…
The post Bipartisan Bill Looks To Incentivize Carbon Removal With New CDR Investment Act For $250/tCO2 appeared first on Carbon Herald.
] Bipartisan Bill Looks To Incentivize Carbon Removal With New CDR Investment Act For $250/tCO2 RemovalDirect Air CaptureBiomassBECCSMineralizationOceanFarmingPolicyCaptureEnergyFuelsStorageHydrogenPolicyUtilizationMarketsInsuranceCarbon AccountingPricesREED/REDD+ Carbon Credit PricesAfforestation/Reforestation (ARR)Blue CarbonCookstovesInterviewsPodcastOpinionNewsletterAdvertisingArchives Archives Select Month November 2024 (133) October 2024 (165) September 2024 (175) August 2024 (148) July 2024 (159) June 2024 (155) May 2024 (180) April 2024 (165) March 2024 (176) February 2024 (153) January 2024 (139) December 2023 (136) November 2023 (169) October 2023 (179) September 2023 (169) August 2023 (144) July 2023 (146) June 2023 (130) May 2023 (112) April 2023 (132) March 2023 (169) February 2023 (123) January 2023 (103) December 2022 (97) November 2022 (128) October 2022 (118) September 2022 (109) August 2022 (64) July 2022 (90) June 2022 (90) May 2022 (92) April 2022 (83) March 2022 (85) February 2022 (74) January 2022 (73) December 2021 (53) November 2021 (95) October 2021 (84) September 2021 (75) August 2021 (60) July 2021 (48) June 2021 (69) May 2021 (36) April 2021 (34) March 2021 (48) WingsWingsSelect CategoryAfforestation/Reforestation (ARR)BECCSBiomassBlue CarbonCaptureCarbon AccountingCarbon Capture StocksCompaniesCookstovesDirect Air CaptureDirect Air CaptureEnergyFarmingForestsFuelsHydrogenHydrogen StocksInsuranceInterviewsInvestmentMarketsMineralizationOceanOpinionPartner ContentPolicyPolicyPolicyPress ReleasePricesREED/REDD+RemovalScienceStartupsStocksStorageTechnologyUncategorizedUtilization MetaLog inEntries feedComments feedWordPress.org RemovalDirect Air CaptureBiomassBECCSMineralizationOceanFarmingPolicyCaptureEnergyFuelsStorageHydrogenPolicyUtilizationMarketsInsuranceCarbon AccountingPricesREED/REDD+ Carbon Credit PricesAfforestation/Reforestation (ARR)Blue CarbonCookstovesInterviewsPodcastOpinionNewsletterAdvertising Latest West Virginia Makes Progress With Carbon Storage Permits COP29: Cloverly Partnership Unlocks Global Carbon Market Access For Middle East Projects Henkel And Celanese Collaborate To Make Adhesives From Captured CO2 HSBC Pulls Out Of Carbon Market Trading агреена zurich insurance Zürcher Kantonalbank PolicyRemovalBipartisan Bill Looks To Incentivize Carbon Removal With New CDR Investment Act For $250/tCO2bySasha RanevskaNovember 22, 20242 minute read Image courtesy of UnsplashTotal0Shares 0 0 0 0 0 U.S. Senators Lisa Murkowski (Republicans, Alaska) and Michael Bennet (Democrats, Colorado) have introduced a Carbon Dioxide Removal Investment Act to create a production tax credit that will fuel the advancement of CO2 removal in the United States.The new tax credit, potentially named 45BB, will be technology-neutral, meaning it will provide support to natural and engineered carbon removal approaches that are ready for deployment. This would widen the support approaches from the 45Qs focus on direct air capture (DAC) and bio-energy with carbon capture (BECCS) to enhanced rock weathering, marine carbon removal and those focused on using biomass.According to the bill’s provisions a credit of $250 per ton of removed carbon will be provided with the exception of BECCS which would receive $110.One important condition for those looking to claim the credit is that it will only be available to companies that are not in line for funds from the existing 45Q credit. «Federal policy is central to scaling carbon removal,» Erin Burns, Carbon180 Executive DirectorThe Carbon Dioxide Removal Investment Act was met with approval from relevant figures in the sector, with many calling this decision a right step towards catalyzing innovation and effective solutions within the carbon removal industry. “Climeworks commends U.S. Senators Michael Bennet and Lisa Murkowski for their leadership on the Carbon Dioxide Removal Investment Act. Last year, Climeworks was honored to host the Senators as part of a bipartisan delegation to our direct air capture facilities in Iceland. The CDR Investment Act would drive even more investment in the US to deploy the next generation of CDR projects and supercharge American leadership in carbon management,” said Andrew Fishbein, Climeworks’ Lead Government Affairs North America.Christina DeConcini, Director of Government Affairs at the World Resources Institute, commented, “Through technology-neutral support that doesn’t pick winners, this bill creates a level playing field that will advance innovations with the biggest climate impact while supporting new jobs and maintaining U.S. leadership in the carbon removal sector.” Relevant: Carbon Removal Alliance Proposes Clearer MRV Roadmap In New ReportShe goes on to invite other members of Congress to join Senators Bennet and Murkowski, highlighting that this motion demonstrates bipartisan support for CO2 removal. On her end, Senator Murkowski shared that, due to its unique characteristics, Alaska is the perfect candidate to be a national leader in carbon dioxide removal. She added, “This tax credit will help jumpstart critical projects in this burgeoning industry, helping Alaska realize enormous untapped economic potential.”Giana Amador, Executive Director of the Carbon Removal Alliance, one of the organizations involved in creating the proposed bill, said “This tax credit for carbon removal will allow innovative American companies working to permanently remove carbon pollution from our atmosphere to access critical incentives that can power their work — in turn unlocking climate benefits, economic growth, and in-demand jobs across the country.”A summary of each section can be accessed through here and a one-page summary is available here.Read more: EU Approves First Official Certification Framework For Carbon Removals 0 0 0 45BBCarbon Dioxide Removal Investment ActCDR tax creditSenator Lisa MurkowskiSenator Michael BennetLeave a Reply Cancel replyYour email address will not be published. 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