While there are many ways to soak up carbon from the atmosphere - ranging from tree planting to engineering changes in ocean currents - the administration and many polluting industries are betting on carbon capture and storage as among the most promising methods.Register now for FREE unlimited access to Reuters.
With over $7 billion in taxpayer funds spent on CCS development since 2010, Congress is now mulling an administration-backed plan to expand subsidies for companies that employ CCS.There are 12 active CCS projects in the United States so far, according to the Global CCS Institute, which tracks the industry. Together they have the capacity to store 19.64 million tons of carbon, roughly 0.4% of national emissions.
EOR is relatively popular in the nascent industry because it generates some revenue from added oil production and can sequester some carbon underground. There are several other federal programs in place to support CCS development, including a new $2.1 billion low-interest loan program passed in the 2021 Infrastructure Investment and Jobs Act.Despite the billions of dollars in investment to date, the CCS industry has failed to meet expectations.
Source: Energy Industry News (energyindustrynews.net)
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