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II. Political State of Play in the United States Advanced CDR technology solutions now enjoy rare bipartisan policy support in Washington, D.C. The best example of this is seen in the recently reformed tax credit known as 45Q, an incentive to support the deployment of carbon management projects in the United States. The legislation, introduced in 2017 as the FUTURE Act, received broad bipartisan support in Congress, from governors and other state leaders, and a diverse coalition of industry, labor, and environmental supporters.22 The revamped 45Q tax credit boosts the amount of money available to companies willing to capture and store carbon emissions in geologic formations or use CO2 to extract oil from existing wells. And crucially, the credit now includes DAC. The emergence of this broad type of political support for carbon removals in the United States means there is an opportunity to capitalize on the momentum brought by existing legislation and develop further measures to act on climate change. Currently, carbon removals may be the only climate measure able to pass political muster in this country. However, despite recent progress, political uncertainty is a major concern with CDR technology, which reinforces the hesitancy of private sector and investor action. This section looks at the history of 45Q, the bipartisan consensus surrounding technology for carbon removals, the major organizations behind carbon removals, and new ways government can facilitate the acceleration of this technology. Government Support Critical Given that not enough capital in the industry yet exists for widespread adoptions of CDR, government support is critical and will likely remain so for the foreseeable future. As the industry is capital-intensive and requires high up-front costs, government can provide support in various ways until costs fall to a manageable level for stakeholders and the technology is deployed at a large scale. Political resolve from across the ideological spectrum will likely continue to exist for advancing innovation in technological CDR. Section 45Q is only one of many potential policy levers to accelerate carbon removals. The opportunities and challenges now are leveraging this bipartisan support to adopt a broader range of federal policy incentives and programs that would speed the development and deployment of carbon removals. Besides reducing carbon emissions, technological CDR can support and create new domestic jobs, bolster national security, and cut the nation’s trade deficit. Stakeholders argue that a wide variety of government action is essential for accelerated deployment: Research and development funding, along with other key actions, can provide an environment where entrepreneurs can profit and bring their technologies to the market as soon as possible. Stakeholders see a variety of areas where the government can work to share market risks with commercial participants. Government can help with funding research and development. The technologies need more capital than a research lab but are considered too risky for most funders. By providing direct funding, governments can spread risks for companies and provide the opportunity to scale up the technologies until they become commercially viable. Simply put, investment in research can facilitate decreases in price and overall costs. Tax credits, whether through a revamped 45Q or a new credit, would stimulate innovation and provide certainty to the industry. 22 “Furthering carbon capture, Utilization, Technology, Underground storage, and Reduced Emissions Act”. 115th Congress. July 12, 2017. https://www.congress.gov/bill/115th-congress/senate-bill/1535/text 17PDF Image | Carbon Removal Final Report
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