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years and as much as 30 million tons of CO2 capture capacity.25 Experts argue that heavy industries will be the main beneficiaries of the tax credit. The impact on companies building DAC facilities may be muted in the short term, however, unless costs do in fact drop below $100 per ton during the eligibility timeframe. A long list of stakeholders from along the political spectrum backed the 45Q measure, helping revamp the credit after seven years of negotiation. A broad coalition of NGOs and industry players, along with labor groups, backed the measure, which portends the likelihood of continued coordination. A number of oil companies favored 45Q. ClearPath lobbied conservative lawmakers, and Carbon180 was a major player on the liberal side. Others that backed the measure include the Bipartisan Policy Center, the Carbon Capture Coalition, Energy Futures Initiative, Rhodium Group, Spitfire Strategies and the World Resources Institute. These organizations have mostly taken a pragmatic approach to influence federal policy to bolster efforts to reduce carbon. They have worked with industry, scientists, academics, and other NGOs to foster more research and scholarship in this area, as well as support technology and climate science. With the new Democratic House of Representatives and climate change in the news on a daily basis, progressive organizations are optimistic that climate will rise on the Washington agenda and allow for progress on carbon removal policy, such as direct funding for DAC, increased Department of Energy activity in this space, expansion of existing tax credits, and support for public-private partnerships. Leading conservative organizations are likely to remain in favor of more federal policy steps to support carbon capture technologies, including DAC. They take a different approach to climate than environmental groups, believing carbon capture is not only beneficial to fight climate change, but can also improve the market for coal plants and enhance the economics of incumbent fossil fuel industries. Conservative outfits, generally speaking, seek to bring about environmental improvements through technology. Some companies in the oil industry have become advocates of using carbon capture/removal technology, which allows companies to raise their ambition surrounding climate change and reduce their overall carbon footprint. RoyalDutch Shell and Chevron, for example, along with other major international oil companies, have developed CCUS projects that capture emissions at their operations and inject them into rock or below the surface, permanently sequestering the CO2. The Oil and Gas Climate Initiative, a voluntary group of major oil companies, has allocated more than $1 billion to technologies to reduce emissions, with about half of the amount invested in CCUS.26 As industry players continue to come under pressure from investors and governments to cut emissions while also meet the demand for growth, companies will continue to look for technologies for carbon mitigation. However, carbon capture at oil and gas facilities is a high-cost operation, and it is dependent on government subsidies, prompting pushback from environmentalists who see oil and gas initiatives as greenwashing exercises. The oil industry has countered by taking interest in CDR technology—Chevron and Occidental have invested in Carbon Engineering, the first significant partnership between energy companies and a developer of DAC.27 25 Bennett, Simon and Stanley, Tristan. “US Budget bill may help carbon capture get back on track.” International Energy Agency. March 12, 2018. https://www.iea.org/newsroom/news/2018/march/commentary-us-budget-bill-may-help-carbon-capture-get- back-on-track.html 26 “Oil and Gas Climate Initiative holds workshop on the potential of Carbon Capture, Use and Storage in the Gulf Region,” Oil and Gas Climate Initiative. November 5, 2018. https://oilandgasclimateinitiative.com/oil-and-gas-climate-initiative-holds-workshop-on- the-potential-of-carbon-capture-use-and-storage-in-the-gulf-region/ 27 “Carbon Engineering Announces Investment from Oxy Low Carbon Ventures and Chevron Technology Ventures to Adance Innovative Low-Carbon Technology.” Carbon Engineering. January 9, 2019. http://carbonengineering.com/carbon-engineering- announces-investment/ 19PDF Image | Carbon Removal Final Report
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