One of the most controversial parts of the 2022 Inflation Reduction Act - the most ambitious climate spending bill in history - was the large pot of federal dollars that could now subsidize the nascent Carbon Capture and Storage (CCS) industry. The bill provides for the expansion of the 45Q tax credit, which now allocates up to $85 per metric ton of CO2 that is captured from a point source of emissions like power plants or factories, and then is injected deep underground for permanent storage. At this price point, the IRA provides - for the first time ever - a viable revenue stream for most CCS projects.
Proponents of CCS argue that CO2 reductions will need to happen faster than the world can dismantle its dependence on fossil fuels and thus investment in carbon management technologies need to start now. Opponents say that investments in CCS divert funding from lower cost decarbonization efforts, thus slowing net carbon reductions, and that they incentivize polluting industries to continue their operations.
In this episode, Climate Now has brought together four experts to examine the arguments both for and against CCS. Join us and our guests Charles F. Harvey (MIT), Kurt House (KoBold Metals), Sue Hovorka (UT Austin) and George Peridas (LLNL) for a moderated discussion about what role - if any - CCS should play in the path to global net zero.