In an article published in Law360, two Hunton Andrews Kurth LLP Partners discuss the passage of the Bipartisan Budget Act of 2018 and its implications for Section 45Q of the Internal Revenue Code. Carbon capture and sequestration supporters expect this to significantly boost deployment of carbon capture and storage (CCS) across the US.
There are 7.6 billion people on the planet today. By 2050, there are projected to be 9.7 billion—or put another way, in just thirty years we will add the equivalent population of seven United States. The world’s most credible energy forecasting entities predict a global increase over that time not only in demand for energy, but demand for fossil energy. Even with steady increases in energy efficiency and a massive increase in renewables, consumption of fossil fuels will grow. That means carbon dioxide emissions won’t be reduced significantly without some technology to do so. Continue Reading More Energy From Carbon, Lower Emissions
As part of the Bipartisan Budget Act of 2018, Congress significantly increased and extended the Section 45Q tax credit for sequestration of carbon oxides. This has been a top priority of carbon capture and sequestration (CCS) supporters for several years.
CCS is considered to be essential to global efforts to reduce CO2 emissions. The world’s most respected analysis organizations all estimate that fossil fuel use will increase in the coming decades, even with energy efficiency improvements and vast increases in renewable energy. Continue Reading Section 45Q Tax Credit Enhancements Could Boost CCS
Energy ministers from participating Carbon Sequestration Leadership Forum (CSLF) countries will meet to discuss carbon capture and sequestration (CCS) issues in Abu Dhabi December 3-7. Below are some suggestions for a US position heading into the meeting. Before listing them, perhaps a bit of background on the CSLF and CCS is in order.
The CSLF was founded in 2003 with a mission to promote development and deployment of CCS technologies. It describes itself as “a Ministerial-level international climate change initiative that is focused on the development of improved cost-effective technologies for . . . CCS. It also promotes awareness and champions legal, regulatory, financial, and institutional environments conducive to such technologies.” Participants currently include 25 countries plus the European Union. It is unique in bringing together energy ministers and various stakeholders to discuss issues in open dialogue.