Today, U.S. Representatives Tim Burchett (TN-02) and Terri Sewell (AL-07) introduced the Carbon Capture Improvement Act of 2021. U.S. Representatives Maria Elvira Salazar (FL-27), David McKinley (WV-01), Clay Higgins (LA-03), Andrew Garbarino (NY-02) and Brian Mast (FL-18) are original cosponsors of this bipartisan legislation.
"Overbearing environmental regulations harm America's energy supply," Rep. Burchettsaid. "A better approach is a tax-free incentive that encourages businesses to invest in carbon capture technologies. Market-based solutions will help limit carbon emissions without damaging a company's ability to meet the needs of its customers."
"The climate crisis is urgent, and we must use every tool at our disposal to ensure a livable environment for future generations," Rep. Sewell said. "By incentivizing businesses to invest in carbon capture technology, the Carbon Capture Improvement Act is a commonsense measure that will help us reduce emissions without hurting our economy. I am proud to introduce this bipartisan bill and urge my colleagues to support it."
"American innovation and cutting-edge carbon capture technology will help us continue reducing carbon emissions while ensuring we maintain energy independence" Rep. Salazarsaid. "We cannot afford to be dependent on foreign nations for our energy needs."
"Carbon capture is absolutely essential in reducing global emissions, while maintaining our ability to utilize all energy resources. Developing this technology is best done by incentivizing projects, not by mandating unreasonable timelines and unreachable goals. This bipartisan legislation builds off our work to expand tax credits for carbon capture technology, and will provide another tool for project developers to finance CCUS projects and get them built," Rep. McKinley said.
"America is the global leader in emissions reduction thanks largely to innovation in private industry. The Carbon Capture Improvement Act would build on those efforts and encourage greater innovation in the energy industry without imposing job-killing mandates or burdensome regulations. This incentive-based legislation would lead to more jobs and increased economic growth for South Louisiana," Rep. Higgins said.
"Carbon capture plays a critical role in reducing emissions in the U.S – and the technology is available today to make this happen," Rep. Garbarino said. "We must create realistic carbon reduction targets for industry and provide means through which to achieve them. I am proud to join this bipartisan group in creating market-based solutions to reducing emissions."
"Representing Florida's waterways is a tremendous responsibility, and it has given me a front row seat to the importance of finding common sense solutions that protect our environment. A market-based approach to incentivize carbon capture certainly fits that bill, and I look forward to continuing to work with my colleagues on both sides of the aisle to pass this legislation," Rep. Mastsaid.
Additionally, the following private sector organizations endorsed Rep. Burchett and Rep. Sewell's legislation:
"NACUBO is pleased to endorse this legislation, which enhances the critical financing tools available to colleges and universities, and empowers them to better deliver on their missions of public service while being mindful stewards of the environment and their surrounding communities." – National Association of College and University Business Officers
"If we're serious about expanding carbon removal and storage projects to address the climate crisis, we must make these technologies and strategies more affordable. We are grateful to Representatives Burchett and Sewell for introducing a bill to allow industrial sector carbon capture as well as direct air capture projects to qualify for private activity bonds, which were wildly successful in financing life-saving air pollution controls in the 1970s and ‘80s. We should learn from the past and implement this tactic without delay to ensure both people and wildlife alike are protected in the face of a changing climate." – Shannon Heyck-Williams, Director of Climate and Energy Policy at the National Wildlife Federation
"Carbon capture is a critical weapon in the fight against climate change, but financing U.S. carbon capture projects is tough. Private Activity Bonds were used for decades to help finance traditional air pollution projects. Let's put them to work again — but this time for CO2, our most challenging global pollutant." – Dan Reicher, Former U.S. Assistant Secretary of Energy and Founding Executive Director, Stanford University Steyer-Taylor Center for Energy Policy and Finance
"It's clear carbon capture is a strong bipartisan climate solution. The Carbon Capture Improvement Act led by Rep. Burchett would help power plants, industrial and direct air capture facilities finance carbon capture equipment." – Rich Powell, Executive Director, ClearPath Action
"Stronger carbon capture, use, and storage initiatives are an essential step in actualizing the U.S.'s long-term climate goals. ASME is pleased to support the Carbon Capture Improvement Act, and commends the efforts to reduce the costs of building facilities engaged in carbon capture storage and carbon capture use to strengthen our clean energy infrastructure overall." – John Hasselmann, Managing Director, Global Public Affairs, American Society of Mechanical Engineers
The Carbon Capture Improvement Act amends the Internal Revenue Code to authorize the issuance of tax-exempt private activity bonds for the financing of qualified carbon dioxide capture facilities. Qualified facilities are defined as those that:
- Are used for the capture, treatment and purification, compression, transportation, or on-site storage of carbon dioxide produced by the industrial carbon dioxide facility;
- Or are integral to a gasification process that converts a product from coal, petroleum residue, biomass, or other materials into a synthesis gas of carbon dioxide and hydrogen for use in chemical or physical conversion.
Source: https://burchett.house.gov/media/press-releases/burchett-sewell-introduce-bipartisan-carbon-capture-improvement-act
