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| Thu, 11th Jun 2020 16:44:00 |
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Fossil Fuel’s Answer to Climate Change Just Got Less Expensive |
Carbon capture, the fossil-fuel industry's favorite weapon against climate change, has never really caught on because of the cost.
That may be about to change. The Internal Revenue Service recently issued crucial guidance to help developers take advantage of tax credits for the systems, and supporters say it could usher in a new era for the controversial technology.
"It's the make-or-break financial element," said Peter Mandelstam, chief operating officer for Enchant Energy Corp., which is preparing to install a carbon-capture system at a coal-fired power plant near Farmington, New Mexico. "The Enchant project only works if the tax credit is in place."
Thirteen commercial systems are operating in the U.S., with 30 more in development, according to the Carbon Capture Coalition. Nine have been announced since October. The growing list boasts projects proposed by deep-pocketed developers including Occidental Petroleum Corp. and Starwood Energy Group Global. A similar tax credit jump-started the U.S. wind-power industry more than a decade ago, and supporters say the new IRS guidance may prove to be the missing piece of the financial puzzle that will make capturing carbon economical.
Read original full article
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