Collins, Cantwell Introduce Carbon Removal Bill

Energy, Federal Legislation, Maine, Opinions, Policy, Sustainability, Washington

June 20, 2022

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by Manuel Quiñones (E&E News/Politico Pro) “Our bipartisan bill would spur research and development for carbon removal technologies, as well as accelerate the commercialization of innovative carbon removal solutions to help make them more affordable,” said Sen. Susan Collins (R-Maine). — Maine Republican Sen. Susan Collins and Washington Democratic Sen. Maria Cantwell released legislation yesterday to promote carbon removal technologies and their commercialization.

The “Carbon Removal and Emissions Storage Technologies (CREST) Act,” would expand the Department of Energy’s carbon removal efforts to include biological activities like algae cultivation. It would also encourage research into trapping CO2 in solid form.

The legislation would direct DOE to increase efforts at developing machines that can suck carbon from the atmosphere. It would also create a pilot program to encourage the commercialization of carbon removal technologies, according to a summary.

“Our bipartisan bill would spur research and development for carbon removal technologies, as well as accelerate the commercialization of innovative carbon removal solutions to help make them more affordable,” said Collins.

Cantwell, chair of the Commerce, Science and Transportation Committee, said, “Harnessing the power and ingenuity of Mother Nature to remove and permanently store carbon pollution will help us reach critical net-zero emission reduction goals while creating new economic opportunities.” READ MORE

IEEFA: Investment risks of carbon capture and storage currently outweigh its potential (Institute for Energy Economics and Financial Analysis)

Excerpt from Institute for Energy Economics and Financial Analysis: The technology, commercial readiness and cost competitiveness cannot match renewables and other investment options

Key Takeaways:
Carbon capture and storage (CCS) covers various technologies and processes. It is important for investors to be clear about the type of CCS being discussed.

A key impediment to CCS investments is insufficient verifiable data to demonstrate the effectiveness of the technology against stated claims.

When CCS is consistently demonstrated at commercial-scale, project costs and technical performance will need to be made available and verified to understand the actual deployment and mitigation costs, to prove it is an effective abatement option. READ MORE

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