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Working Paper ID-065 2018 and is expected to be reflected in member countries’ national laws by June 30, 2021.90 RED II is expected to attract new investment in renewable energy in the EU, in part by providing longer-term certainty to investors.91 In the United States, the U.S. 45Q Carbon Capture and Storage tax credit was expanded by the Bipartisan Budget Act of 2018 to, among other things, include CCU projects using industrial emissions.92 Eligible companies can claim the tax credit for CCU projects creating chemicals from industrial emissions as long as lifecycle assessments indicate a net reduction in waste carbon emissions.93 The 45Q tax credit and the California Low Carbon Fuel Standard are said to be spurring new U.S. carbon capture projects.94 Moreover, many world regions have (or are implementing) incentives and/or mandates to reduce emissions; increase use of biofuels such as ethanol; or increase CCU projects.95 Biofuels Digest says that blending mandates in the EU, the United States, China, and Brazil will promote biofuels demand worldwide.96 The United States, for example, has the Renewable Fuels Standard (RFS), Renewable Identification Numbers (part of the RFS), credits, and regional incentives.97 As cited by one source, however, the United States also has the potential to provide additional grants and funding for CCU projects, particularly such projects addressing chemicals.98 The EU reportedly has the majority of biofuels mandates in place worldwide.99 The EU also has a goal to reduce industrial emissions by 2030 by 40 percent below 1990 levels and many member countries have set goals to meet the targets set by the UNFFC and the Paris Agreement.100 Since one way to meet this goal is to implement CCU projects, the EU has implemented research funding mechanisms such as “research, development, and deployment” funding and programs such as Horizon 2020, the Innovation 90 ArcelorMittal, “Capturing and Utilising Waste Carbon from Steelmaking” (accessed September 27, 2019); EC, “Renewable Energy – Recast to 2030 (RED II),” July 23, 2019; industry representative, telephone interview with USITC staff, September 13, 2019. 91 EC, “The Revised Renewable Energy Directive Factsheet” (accessed October 4, 2019). 92 Phytonix Solar Chemicals, “Biological Carbon Dioxide Utilization Technology,” presentation at C02 Reuse Summit, May 16-17, 2018; National Law Review, “Implementation of Recent Amendments,” September 26, 2019; McGuireWoods, “New Opportunities Follow Expansion,” July 18, 2018; McGuireWoods, “Carbon Sequestration Tax Credits,” May 8, 2019. 93 Christensen, “Three Things to Know About Changes to the 45Q Tax Credit,” March 5, 2018. A lifecycle assessment is defined by the U.S. Environmental Protection Agency (EPA) as “a tool that can be used to evaluate the potential environmental impacts of a product, material, process, or activity.” EPA, “Design for the Environment Life-Cycle Assessments” (accessed December 13, 2019). 94 Global CCS Institute, “9th Annual DC Forum on CCS” (accessed February 10, 2020). 95 Although not discussed in detail in this paper, Japan reportedly provides significant levels of funding—about $100 million per year—for CCU projects. Industry representative, telephone interview with USITC staff, October 16, 2019. 96 Biofuels Digest, “The Digest’s Biofuels Mandates Around the World,” December 31, 2019, 1. 97 Industry representative, telephone interview with USITC staff, September 28, 2019; Biofuels Digest, “The Digest’s Biofuels Mandates Around the World,” December 31, 2019, 1. 98 Industry representative, telephone interview with USITC staff, October 16, 2019. 99 Biofuels Digest, “The Digest’s Biofuels Mandates Around the World,” December 31, 2019, 1. 100 Official Journal of the European Union, “Directive (EU) 2018/2001 of the European Parliament and of the Council of 11 December 2018 on the Promotion of the Use of Energy from Renewable Sources (recast),” December 21, 2018, L 328/82. 22 | www.usitc.govPDF Image | Using Waste Carbon Feedstocks to Produce Chemicals
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