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 (GCI) was created to develop and commercialize the trillion dollar CO2 products industry. These products use recycled CO2 as a key ingredient; examples include cement, aggregates, chemicals, polymers and carbon fiber. The Initiative coordinates with international partners focused on a common mission to deploy and scale CO2 products across multiple sectors.
CO2 Sciences, the non-profit arm of the GCI, will award R&D funding to qualified research applicants creating innovative technologies. The GCI commercialization arm will work in parallel to accelerate the market for CO2 products by investing in commercial-stage companies. For more information, visit www.globalco2initiative.org and follow the Global CO2 Initiative on Twitter: @reuseCO2