Carbon capture and storage or CCS, has been around for decades, but until recently wasn’t used all that much. The process involves removing CO2 from factory chimneys and either pumping the gas underground or storing it in a solid form.
According to the Wall Street Journal, for many companies, CCS just wasn’t economical, partly because the carbon prices charged in Europe and the carbon-capture tax credit paid in the U.S. were too low.
But with the effects of climate change becoming more evident, and greenhouse gas (GHG) emissions continuing to rise, CCS technologies have taken on a new life. While emissions are becoming more expensive, better plant design, along with updated construction and capture methods are making the whole process more economical.
To that end, Senators Chris Coons (D-Del.) and Bill Cassidy (R-La.) and Reps. Marc Veasey (D-Texas) and David McKinley (R-W.Va.) introduced a bill on Wednesday that seeks to help fund the deployment of transport systems that collect the captured carbon and bring it to storage sites, reports The Hill.
The legislation called the Scale Act of 2021, (Storing CO2 and Lowering Emissions Act), will help develop CCS infrastructure as a critical means of reducing emissions of CO2 – while creating regional economic opportunities and more than 13,000 jobs per year.
“Carbon capture, utilization, and storage will play a critical role in meeting mid-century climate goals, supporting high-paying manufacturing jobs, and maintaining American competitiveness, but cost barriers currently stand in the way of its widespread deployment in the United States,” Senator Coons said in a statement.
The legislation that was introduced Wednesday would establish a program to provide loans for carbon transport infrastructure projects and grants to help carry out future growth. The bill will also provide cost-sharing for the deployment of a certain type of storage, prioritizing larger, commercial-scale projects.
