Bipartisan US bill proposes tax credits for carbon storage
May 27, 2021 1:25:pm
Summary
by: Daniel Graeber
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Bipartisan US bill proposes tax credits for carbon storage
A bipartisan measure drafted by US legislators fills the gap in tax legislation for credits on carbon capture, representatives said May 25.
“This is a pivotal time in this country to address the existential climate crisis, and we must take an active role in meeting the moment,” Tim Ryan, a Democratic member of the House of Representatives for Ohio, said. “That means leveraging the might of the US government and the ingenuity and strength of American businesses to meaningfully lower US emissions.”
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On March 29, National Climate Advisor Gina McCarthy, Interior Secretary Deb Haaland, Energy Secretary Jennifer Granholm, Commerce Secretary Gina Raimondo, and Transportation Secretary Pete Buttigieg met with state officials, industry executives, and labor leaders to announce new leasing, funding, and goals to accelerate and deploy 30 gigawatts of offshore wind by 2030. According to the Department of Energy, this would support 45,000 jobs, generate enough electricity to power over 10 million American homes, and avoid 78 million metric tons of carbon dioxide emissions. The Administration also announced a new Wind Energy Area between Long Island and the New Jersey coast, a Notice of Intent (NOI) to prepare an Environmental Impact Statement (EIS) for Ocean Wind, a Notice of Funding Opportunity for port authorities and other applicants to apply for $230 million for port and intermodal infrastructure-related projects through the
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