![]() ![]() ![]() The new facilities, in contrast, will pull their CO 2 directly from the atmosphere. ![]() While this form of carbon capture has been used tactically to try to forestall the regulation of coal plants, it's likely to play a significant role under the Environmental Protection Agency's planned limits on greenhouse gas emissions. But it directly ties the carbon capture to the continued burning of fossil fuels-it helps limit emissions but doesn't do anything to help with all the carbon we've already placed in the atmosphere. This is more efficient since the CO 2 starts at a high concentration. One is to pull it out of the exhaust of fossil-fuel-burning equipment, such power plants or the furnaces of large buildings. There are two approaches to capturing carbon. The danger, however, is that they'll eventually be used to offset ongoing emissions and provide a rationale for the continued use of fossil fuels. In the long-term, it's hoped that these facilities will operate as a service to reverse a century of unchecked carbon emissions. They also represent a major step globally, as each facility is expected to have 250 times the capacity of the largest currently in operation. They represent a major step for the US, as they're not linked to a specific source of carbon emissions, and the CO 2 they capture won't be used for extracting fossil fuels. The sites in Louisiana and Texas will be funded by money set aside in the bipartisan infrastructure bill that was passed early in President Biden's term in office. With all that new support, American companies could be capturing around 100 million tons of carbon dioxide a year within a decade, more than 10 times the amount currently sequestered for tackling climate change each year, according to Boston-based environmental organization Clean Air Task Force.On Friday, the US Department of Energy announced that it chose the first two sites to host facilities that will pull carbon dioxide out of the atmosphere and permanently store it underground. And the credits will be paid directly to the operator, providing a clear source of revenue even for relatively small installations. Direct air capture qualifies for tax credits worth as much as $180 per ton for projects that trap as little as 1,000 tons of CO2 per year. Industrial projects like factories that produce steel or cement, need to capture 12,500 tons or more of CO2 a year to qualify, down from 100,000 tons a year under the previous system. Under the new regime, the US government will offer a tax credit of $85 for every metric ton of carbon emissions captured from a smokestack and stored - up 70% from current levels. And while the US already had a tax credit to support carbon capture, it was too paltry to attract much interest from industry and only available to larger operators. One of its biggest drawbacks has been the cost. The technology either involves collecting carbon dioxide emitted by a factory, a method that’s been around for decades, or taking it directly from the air and then storing it underground. Among them will be startups developing more efficient ways to capture and store carbon, which is going to be crucial to meeting global climate goals. The Inflation Reduction Act passed by Congress this month will boost a host of clean technologies. US companies that cut carbon emissions could qualify for subsidies on even the smallest projects under new climate legislation, unleashing a potentially unprecedented wave of investment in green technologies. Sign up to receive the Bloomberg Green newsletter in your inbox. ![]()
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