So yes there is money for CC, and no money or help for decreasing emissions.

And not surprisingly "Enhanced oil recovery (EOR), an important pathway to 
geologic carbon dioxide sequestration" in other words using CO2 to increase oil 
production and produce more emissions, probably without bothering to see 
whether the CO2 being used stays down the wells or not?

This could be a political decision to keep pollution going, rather than to 
increase research.

jon
________________________________________
From: geoengineering@googlegroups.com <geoengineering@googlegroups.com> on 
behalf of Andrew Lockley <andrew.lock...@gmail.com>
Sent: Thursday, 15 February 2018 9:07 AM
To: geoengineering
Subject: [geo] Federal Budget Bill Includes Massive Tax Credits for Carbon 
Capture

https://www.triplepundit.com/2018/02/federal-budget-bill-includes-tax-credits-carbon-capture/

Federal Budget Bill Includes Massive Tax Credits for Carbon Capture


Friday’s short government shutdown culminated in a potentially huge win for the 
climate, business and investors. Among a slew of spending and tax credits 
tucked into the budget 
bill<https://www.congress.gov/115/bills/hr1892/BILLS-115hr1892enr.pdf> signed 
by U.S. President Trump, one of them, known as 
45Q<http://www.centerforcarbonremoval.org/blog-posts/2017/7/13/the-future-of-ccus?rq=future%20act>,
 expands tax incentives for carbon capture, including from the air.  With 
advocates from both sides of the 
aisle<http://www.centerforcarbonremoval.org/blog-posts/2017/7/13/the-future-of-ccus>,
 the act shows bipartisan support for carbon capture technology. The policy 
also signals a shift toward greater development and deployment for something 
known as carbon dioxide removal<http://www.centerforcarbonremoval.org/policy>.

Broadly speaking, carbon dioxide removal involves two crucial steps: trapping 
carbon dioxide (the main greenhouse gas causing climate change) and reliably 
storing it. For every qualifying project, 45Q generates a tax credit: $50 per 
ton of carbon dioxide (CO2) buried in underground 
storage<https://hub.globalccsinstitute.com/publications/geological-co2-storage/geological-co2-storage>,
 $35 per ton for either utilization 
<http://www.centerforcarbonremoval.org/blog-posts/2014/11/08/the-good-the-bad-and-the-ugly-of-co2-utilization?rq=eor>
 or enhanced oil recovery.

With no cap on the available tax credits and 12 years to claim them, 45Q is 
poised to do for carbon capture what similar incentives did for wind and solar 
power: unleash private sector investments that catapult the technology into its 
maturity. Tax credits are the first step in that direction. The policy makes a 
stronger business case for development, which in turn will drive necessary 
innovations that make it easier and more attractive to take these technologies 
to scale.

This scaling is vital. Scientists 
agree<http://www.climatechangenews.com/2018/02/13/11-takeaways-draft-un-report-1-5c-global-warming-limit/>
 that cleaning up past emissions of carbon dioxide is essential to meeting safe 
climate 
targets<http://www.climatechangenews.com/2017/08/23/end-2c-climate-limit/>. And 
45Q is the first federal acknowledgement of the role that carbon utilization 
and air capture technologies will play in getting us there.

Money for mechanical trees
Direct air 
capture<http://www.centerforcarbonremoval.org/blog-posts/2015/9/20/direct-air-capture-explained-in-10-questions>
 (DAC) is a method for literally removing carbon from the atmosphere. 
Mechanical trees suck in ambient air and chemically separate out the carbon 
dioxide. From there, the captured CO2 is pumped deep underground into sealed 
chambers. The end result of direct air capture, in other words, is permanently 
stored CO2.

The best part? This technology is far from theoretical. 
ClimeWorks<http://www.climeworks.com/> is one of three startups–along with 
Global Thermostat<http://globalthermostat.com/> and Carbon 
Engineering<http://carbonengineering.com/>–to pull it off: Their negative 
emissions 
plant<http://www.climeworks.com/climeworks-and-carbfix2-the-worlds-first-carbon-removal-solution-through-direct-air-capture/>
 in Iceland “stores the air-captured CO2 safely and permanently in basalt, 
leading us closer to our efforts to achieve global warming targets.”

[https://www.triplepundit.com/wp-content/uploads/2018/02/climeworkds-direct-air-capture-plant-zurich-designboom-06-01-2017-818-016-818x460.jpg]ClimeWorks’
 direct air capture machine in Switzerland could allow companies to earn up to 
$50 per ton of CO2, depending on where it is stored after capture.



Thus far, however, all of ClimeWorks plants have been located outside the U.S 
and have been highly subsidized. Direct air capture has a near limitless 
potential for carbon removal, making it a critical tool for carbon dioxide 
removal. But the high cost of the technology in pilot projects has been a 
barrier to wide adoption. 45Q takes an important step toward lowering these 
costs. As the first instance of explicit federal support, the bill sends a 
clear signal to DAC investors to continue funding innovations that further 
bring down costs.

Waste to value
45Q designates a $35 per ton tax credit for the beneficial recycling or 
utilization of captured CO2 
emissions.<http://www.centerforcarbonremoval.org/blog-posts/2014/11/08/the-good-the-bad-and-the-ugly-of-co2-utilization?rq=eor>
 Rather than storing emissions underground, CarbonTech businesses recycle waste 
carbon dioxide by converting it into consumer products and materials like 
plastics, transportation fuels, and chemicals. That credit is likely to drive a 
handful of industrial carbon capture projects, according to a recent 
study.<http://dc.engconfintl.org/co2_summit3/14/>

CarbonCure makes a stronger, faster-curing cement by injecting 
<http://carboncure.com/> waste carbon dioxide into cement mixers. CarbonCure’s 
technology repurposes greenhouse gas emissions, injecting them into concrete to 
yield a superior and greener product. Positively, the extension of 45Q will 
incentivize more companies to reuse CO2 in novel and creative ways by making 
the processes and technologies more investable and affordable. In turn, this 
can help build early markets and broader political will for carbon removal.

Public money unlocks private dollars
Even before the extension of 45Q, innovative investors, corporations, and 
startups were already working to build an industry around recycling carbon 
emissions. More than $2 billion dollars in private capital gathered at Center 
for Carbon Removal’s CarbonTech Investor Roundtable last week to explore 
investment opportunities. They asked for more CarbonTech businesses. They also 
said policy support is critical to creating large markets for CarbonTech, in 
turn increasing revenue and mitigating climate change.

It’s like the bipartisan authors of 45Q were in the room. With federal support 
for carbon recycling, building a business or investing in the carbon recycling 
space is less risky and potentially more profitable than ever before.

Strange bedfellows
45Q gathered diverse backers<http://neori.org/>, ranging from fossil fuel 
companies to unions and environmentalists. While these stakeholders touted 
different benefits for the economy and the environment, they generally agreed 
on the importance of federal incentives for carbon capture and utilization. 
Enhanced oil recovery (EOR), an important pathway to geologic carbon dioxide 
sequestration<http://www.centerforcarbonremoval.org/blog-posts/2014/06/24/the-pros-and-cons-of-enhanced-oil-recovery-eor-for-commercializing-cdr?rq=eor>,
 will likely receive many of the 45Q tax credits.

But even EOR projects would help carbon capture companies reduce their costs 
and get to scale.

With these learnings from EOR projects under their belt, carbon capture 
companies could more easily transition to storing CO2 underground without EOR 
when carbon prices increase to make such standalone sequestration economically 
viable

Cementing the victory
Here at Center for Carbon Removal, we work to grow nascent carbon removal 
activities into large-scale climate solutions. Technological, commercial, and 
policy barriers must be overcome in order to do so. 45Q starts to tackle all 
three of these obstacles by reducing the risks and increasing the profitability 
of carbon removal.  This is why CCR, as part of a diverse 
coalition<http://neori.org/>, has advocated for this policy for years.

This victory calls for even more tenacious work on carbon removal. Center for 
Carbon Removal invite you to join us in pioneering the future of carbon 
removal.  We need your intellect, passion and expertise.  Here is how you can 
get involved:

  *   Subscribe This Week in Carbon 
Removal<http://www.centerforcarbonremoval.org/join> to keep abreast of the 
latest carbon removal news, events, job postings, and journal articles.
  *   Join Center for Carbon Removal Investor 
Network<http://www.centerforcarbonremoval.org/carbon-recycling-labs/> for 
exclusive connections to other investors and the hottest startups.
  *   Got a good CarbonTech business idea? Sign up to compete in Carbon Removal 
Labs<http://www.centerforcarbonremoval.org/carbon-recycling-labs/>business 
accelerator.

Rory Jacobson is a Policy Analyst at the Center for Carbon Removal where he 
researches policies with the potential to support carbon removal solutions.

Elizabeth Reali is a Communications Intern at the Center for Carbon Removal, 
where they work to build out educational materials, design digital assets, and 
communicate with stakeholders about carbon removal.


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