USA Reforestation Carbon Banks Collect Carbon And This Administration Needs To Reward Our Great Builders That Defend That Carbon In Lumber From Fire With A 45Q Tax Credit To Support Our Renewable Sustainable Effort For Affordable Housing.
IEA Executive Director Fatih Birol said the world is unlikely to achieve its Paris Agreement obligations without "major, huge technological breakthroughs," but the 2018 federal budget could spur a breakthrough in carbon capture and sequestration.
"There is one political move recently that I should say, I welcome this strongly," Birol said, fingering changes to the Section 45Q tax credit for carbon sequestration.
Carbon capture and sequestration was long the object of bipartisan neglect because Democrats didn't want to extend the life of fossil fuels and Republicans didn't want t0 admit to anthropogenic climate change. That began to change as the effects of climate change grew more palpable, and the chances dimmed of mitigating it without capturing carbon emissions.
So a bipartisan group of senators led by by Heidi Heitkamp (D-ND), John Barrasso (R-WY), Sheldon Whitehouse (D-RI) and Shelley Moore Capito (R-WV) worked to strengthen a carbon capture tax credit that already existed in U.S. law. The old credit offered a $10 per ton credit for CO2 used for enhanced oil recovery and $20 for other permanent forms of sequestration.
The oil and gas industry backed efforts to boost the credit because drillers can pump CO2 into wells to force out oil and gas, then seal the wells, leaving the CO2 underground and benefiting from the tax credit.
"There is one technology that can bring this fact together with the climate cause, and that is CCS," Birol said. Investment into carbon capture has so far languished, representing only 0.1 percent of clean-energy investments.
Please add Lumber to the 45Q new tax credit in the U.S. may be the driver for more Mass Timber CLT and Stick Frame Wood Framed Affordable Housing so we are not so dependent on carbon producing products and more on defended carbon storage banks.
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