Finding ways to convert carbon dioxide from an energy and industrial sector waste product to a useful commodity could spur the development of new technologies, products, and industries while limiting emissions to the atmosphere of climate-altering pollutants. In 2016, U.S. policymakers demonstrated leadership in this area by introducing several bills that would provide commercial deployment incentives for carbon capture use and storage (CCUS) technology.[i]
While CO2 has been safely used for carbon dioxide enhanced oil recovery (CO2 EOR) for over 40 years in the United States, there is an increased focus on identifying options for re-use of CO2 for other purposes. Indeed, in July, Senators Heidi Heitkamp (D-ND) and Sheldon Whitehouse (D-RI) introduced a bill to extend 45Q (the major tax credit for CO2 EOR) that expressly expanded the use of the tax credit to allow it to apply to other forms of CO2 utilization.[ii] Recent scientific developments in CO2 re-use are promising but challenges will have to be overcome to achieve additional progress.
Looking forward, the new administration and new Congress will need to consider how best to incentivize continued research, development, and demonstration (RD&D) and commercial-scale deployment of CO2 utilization technology, especially as the U.S. begins to lay the foundation for a strategy of deep decarbonization by mid-century...
Read the entire article on The Energy Collective website.About The Global CO2 Initiative:
The Global CO2 Initiative was created to realize the ambitious goal of capturing 10% of global CO2 emissions and transforming them into valuable products. CO2 Sciences, its innovative research and development platform, is structured to aggressively catalyze funding in carbon capture and use by granting up to $400 million over ten years to many qualified research applicants throughout the world. In parallel, the Global CO2 Initiative will accelerate the commercialization of CO2 based products and services. It will use different financial vehicles to invest in companies, enabling them to grow market demand for CO2 based products. For more information, visit www.globalco2initiative.org and follow the Global CO2 Initiative on Twitter: @reuseCO2