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Another lever is government procurement. With the federal government or states taking the lead with buying products made from CO2, they can provide companies with a stable customer base in their initial commercial phase. Carbon pricing is the most effective tool the government could implement to help entrepreneurs and investors in this space. Implementing a pricing mechanism is a critical government action that would provide support to the entire industry. Although some companies are confident that they will be profitable regardless of a price on carbon, such government action would send a strong signal to companies and investors for longer-term planning. 45Q's Broad, Bipartisan Support The 45Q provision found widespread bipartisan support, an anomaly in today’s increasingly polarized politics. Co-sponsors of the FUTURE Act in the Senate included Democrats Heidi Heitkamp from North Dakota and Sheldon Whitehouse from Rhode Island, and Republicans Shelley Moore Capito of West Virginia and John Barrasso of Wyoming. Mike Conaway, Republican of Texas, sponsored the companion bill in the House. The 45Q provision first emerged in the Energy Improvement Extension Act of 2008, but it was mainly geared toward enhanced oil recovery and critics pointed to the credit value being too low. As a result, discussion to enhance its effectiveness started at the beginning of this decade. In 2015, the Obama administration sought to correct the credit’s shortcomings and the following year, Heitkamp and Whitehouse introduced legislation to expand 45Q. It did not make it through Congress at that time. In 2017, however, the FUTURE gained traction among both Democrats and Republicans and was ultimately folded into the Bipartisan Budget Act of 2018 during the 115th Congress. The amended Section 45Q in the 2018 Budget Bill increased the value of the tax credit by $30 to $50 per ton for permanent sequestration, while raising the credit for enhanced oil recovery (EOR) by $25 to $35 per ton. It also removed the cap of 75 million tons on the amount of CO2 that can be injected underground. Just as critical, the credit expands the types of technology that qualifies. DAC and conversion of CO2 into commercial products are now permitted for the credit, rather than only EOR, which ultimately leads to higher emissions when the oil is burned. While CDR is not universally loved—some on the left fear focusing on removal will alleviate pressure on polluters to mitigate their emissions—carbon removal is the most popular climate solution in Washington at the moment. Most climate advocates and liberal policymakers now understand that deploying environmentally-sound carbon removal technologies at scale is essential for meeting ambitious longer- term climate goals. “In establishing the level of the tax incentive for CO2 capture, the 115th Congress has tacitly placed a value on avoiding CO2 in the atmosphere,” said Energy Futures Initiative.23 Fossil fuel companies and conservative policymakers, meanwhile, support investments in new CDR technologies since they could help companies that produce hydrocarbons meet climate targets while also creating jobs. The conservative-leaning think tank ClearPath estimates that hastened deployment of carbon capture technology, with help from the government, can add 780,000 jobs and almost $200 billion to U.S. GDP by 2040.24 The International Energy Agency says that the credit could “trigger the largest surge in carbon capture investment of any policy instrument to date,” adding $1 billion in investment over the next six 23 “Advancing Large Scale Carbon Management: Expansion of the 5Q Tax Credit.” Energy Futures Initiative. May 2018. https://static1.squarespace.com/static/58ec123cb3db2bd94e057628/t/5b0604f30e2e7287abb8f3c1/1527121150675/45Q_EFI_5.2 3.18.pdf 24 Ong, Justin. “Making Carbon a Clean commodity.” Clearpath. September 20, 2018. https://clearpath.org/jay-and-richs- take/making-carbon-a-clean-commodity/ 18PDF Image | Carbon Removal Final Report
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