The article discusses the tax credit for carbon capture under the Inflation Reduction Act, known as 45Q, which encourages companies to capture CO2 emissions. Originally introduced during George W. Bush's presidency, this tax credit has recently garnered support from both the oil industry and certain Democrats, despite opposition from environmental groups. The technology is intended to reduce atmospheric carbon but has also been criticized for serving to enhance oil production rather than focusing solely on climate mitigation. This unusual political landscape reflects the complexities of climate policy and industry interests.
A provision in the Inflation Reduction Act, known as 45Q, enlarged a tax credit for any company willing to capture carbon dioxide.
Both the oil industry and some climate-minded Democrats in Congress want to keep it.
The climate argument for carbon capture goes like this: If one ton of carbon is captured from an industrial process, that’s theoretically one ton less carbon added to the atmosphere.
Carbon-capture technology has made a name for itself as a climate solution but remains primarily a way to produce more oil.
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