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V. CONCLUSIONS AND RECOMMENDATIONS The increased attention recently devoted to carbon utilization by both the private and public sectors sug- gests the potential these nascent processes may have to help drive decarbonization. However, because the levels of technology and commercial readiness differ so widely from sector to sector, no proposed single policy reform offers a “silver bullet,” rather, a portfolio of policies is needed to address technology development, financing, and market preferences. Moreover, federal action alone is not sufficient. States and local governments may be in the best position to tailor policies that address their specific circumstances. The principal recommendation of contributors to this report is straightforward: The focus of policy toward carbon utilization should aim for growth by 2030, ensuring that a significant amount of CO2 is being sequestered by utilization processes in that timeframe. The year 2030 is a useful target because many state and local climate plan goals are tied to it, and because the report issued in October 2018 by the UN Intergovernmental Panel on Climate Change, pegged 2030 as the timeframe by which the planet may reach the threshold of 1.5 C above pre- industrial levels. If carbon utilization sectors have not developed by then to the point where commercial forces are driving continued growth, the expected contribution of CCU to decarbonization may not be reached. If CCU development falls short of its potential, an important capacity for greenhouse gas reduction will remain unfulfilled. Wide agreement exists among stakeholders and experts consulted in the preparation of this report regarding the policy pathways that will grow carbon utilization. At the federal level, it starts with immediate action on three initiatives—the USE IT Act, reauthorizing the Department of Energy’s Fossil Energy (DOE-FE) research program, and infrastructure legislation—which would significantly strengthen the foundation upon which carbon utilization’s future can be built. However, these proposals are only first steps; an ag- gressive strategy to stimulate low-carbon market demand is needed if CCU is to meet its economic and environ- mental potential, especially if the goal is 2030. Actions including carbon intensity disclosure requirements, better lifecycle analysis, incentives for using carbon- based products, expanded low-carbon fuel standard and renewable fuel standard policies, and targeted procure- ment policies are all critical tools to scale up carbon utilization. Policymakers should consider goals for carbon uti- lization development set out by reports including the National Academy of Sciences Report, 2018; University of Michigan CCUS Report, 2017; the National Coal Council CO2 Building Blocks Report, 2016; and the CCU Roadmap, 2018. The understanding of these new processes and their development needs has increased in recent years, and together these reports form a basis for action. In sum, the following actions are recommended as a path forward for CO2 utilization policy. IMMEDIATE ACTIONS (2019) 45Q Tax Credit While Congress enacted the 45Q tax credit in February 2018, it cannot take effect until the IRS publishes the guidance for taxpayers to claim the credit. The actual value of the credit to advancing a particular project is unknown until that guidance is published. The IRS should act swiftly to put forth its guidance on the many issues needing clarification and definition. Of particular importance to the CCU developers will be the guidance on a required greenhouse gas lifecyle analysis (LCA). Meanwhile, Congress should note that provisions of the new law already threaten to limit the policy’s impact on encouraging CCU. As such, Congress should proac- tively address those issues, by lowering the threshold for credit eligibility and extending or eliminating statutorily imposed deadlines, including the begin construction date. CARBON UTILIZATION—A VITAL AND EFFECTIVE PATHWAY FOR DECARBONIZATION 23PDF Image | Carbon Utilization
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