Another 61 CCS applications are under review by EPA according to the agency’s website, most of which were submitted after the IRA became law. The IRA includes tax credits of US$60 per metric ton of carbon captured for a purpose like pushing oil out of ageing reservoirs and US$85 per ton of carbon captured and permanently stored.
“Before this flood of carbon capture and sequestration projects become operational, EPA needs to enact strong industry regulations that can protect the environment while combating climate change,” said Eric Schaeffer, EIP’s executive director, in a statement.
Of the 21 plans reviewed by EIP, 16 are from oil and gas companies, three from ethanol plants, and one each from a coal-fired power plant and a coal gassification plant.
EPA regulates most of the country’s so-called Class VI wells where carbon emissions are stored, though some states regulate their own wells.
The ethanol industry is particularly hoping CCS will lower its emissions enough to qualify for lucrative low-emission fuel subsidies.
Source: CNA
