The Heritage Foundation’s plan for a potential Trump second term has little time for schemes to suck carbon dioxide out of the atmosphere.
The US has a few things going for it when it comes to DAC: It has the right kind of geological formations that can store carbon dioxide pumped underground, it has an oil and gas industry that knows a lot about drilling into that ground, and it has federal grants and subsidies for the carbon capture industry. The projects in Louisiana and Texas are supported by up to $1.
When the hub starts sequestering carbon, it will be eligible to claim up to $180 for each ton of carbon stored, under tax credit 45Q, which was extended under the Inflation Reduction Act. These tax credits are important because they provide long-term support for companies actually sequestering carbon from the atmosphere. “What you have is a guaranteed revenue stream of $180 per ton for a minimum of 12 years,” says Andreasen.
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