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Criticisms of 45Q While 45Q is a positive bipartisan development and is indicative of political support for CDR technology, the credit has come under criticism for a variety of reasons, and momentum behind its passage needs to be maintained in order to achieve a material reduction in CO2 emissions and for companies to utilize the technology as best they can. For 45Q to significantly stimulate investment and to meet expectations in capturing large amounts of CO2, it is dependent on a variety of issues, such as “public acceptance, the ability to transfer tax credits, the availability of CO2 pipeline infrastructure, and the readiness of storage sites.”28 One major criticism of 45Q is that it mostly helps established entities. Tax credits do not provide an incentive structure for startups that are in the pre-revenue stage to innovate. New entrants benefit more from a direct funding injection from the government for research and development. On the other hand, some critics question whether the changes in 45Q are in fact large enough to stimulate CDR deployment. Although the 45Q provision is geared toward stimulating the market for carbon management technologies for the longer term, continued regulatory uncertainty still makes both investors and entrepreneurs cautious. Despite the tax credit energizing the industry, the U.S. Internal Revenue Service (IRS) has yet to clarify how companies can claim the credit under the rule. Not until the IRS provides proper guidance will a flood of investment occur. There is also the issue of the sunset provision on 45Q. It expires at the end of 2023, and projects – which are large and capital-intensive – need to be constructed by then to be eligible for the credit. Backers of 45Q argue that it needs to be amended and reshaped to optimize its effectiveness for both industry and carbon management. Given the difficulties for the sector to commercialize, both public and private action will remain crucial moving forward. The NAS’s recent paper stressed this point, highlighting how coordination between the government and private companies is necessary to support the advancement of all carbon removal technologies, particularly DAC. “There is no commercial driving force for developing direct air capture technologies,” NAS said. “Therefore, developing a low-cost direct air capture option will require sustained government investment.”29 Besides 45Q, other pragmatic carbon removal legislation was proposed during the 115th Congress. Although these initiatives did not pass, they could provide a blueprint for lawmakers to stimulate innovation in technological CDR. For instance, the same sponsors of the FUTURE Act introduced the USE IT Act to build on the momentum of the expansion of 45Q. This bill – first introduced in March 2018 in the Senate by Barrasso and reintroduced in the 116th Congress this month – seeks to accelerate the advancement of research and development for DAC and carbon utilization technologies, while also supporting infrastructure for transporting CO2.30 H.R. 4096, introduced by Democrat Grace Meng of New York, looked to authorize the Secretary of Energy to develop a prize competition to help accelerate the advancement of carbon removal technology.31 With Democrats in Congress and 2020 candidates challenging President 28 “Advancing Large Scale Carbon Management: Expansion of the 45Q Tax Credit.” Energy Futures Initiative. May 2018. https://static1.squarespace.com/static/58ec123cb3db2bd94e057628/t/5b0604f30e2e7287abb8f3c1/1527121150675/45Q_EFI_5.2 3.18.pdf 29 “Negative Emissions Technologies and Reliable Sequestration: A Research Agenda.” The National Academies of Science, Engineering, and Medicine. October 2018. https://www.nap.edu/resource/25259/Negative%20Emissions%20Technologies.pdf 30 “Utilizing Significant Emissions with Innovative Technologies Act.” 115th Congress. May 24, 2018. https://www.congress.gov/bill/115th-congress/senate- bill/2602?q=%7B%22search%22%3A%5B%22USE+IT+Act%22%5D%7D&r=1 31 “Carbon Capture Prize Act.” 115th Congress. October 23, 2017. https://www.congress.gov/bill/115th-congress/house- bill/4096/all-actions 20PDF Image | Carbon Removal Final Report
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