by Matthew Choi (Politico's Morning Energy) Rep. Ro Khanna, who led the House Oversight Environment Subcommittee’s probe into the oil and gas industry earlier this year, wants to end tax credits for carbon capture that is used to pump more oil out of the ground. Khanna introduced the End Polluter Welfare for Enhanced Oil Recovery Act on Monday, which would erase provisions under the 45Q tax credit that helps companies use captured carbon for enhanced oil recovery. Khanna has gone after what he views as subsidies for the oil and gas industry in the tax code for months, with EOR 45Q benefits being a holdout in Democrats’ reconciliation bill.
Khanna told ME it was "common sense" to bar the federal government from financing technology used to extract more fossil fuels, saying doing so "actually undermines the case for CCS."
“Now if they can come up with a technology that can actually reduce the carbon footprint, then I am all for it,” Khanna said. The Californian has discussed the measure with Senate Finance Chair Ron Wyden , who went after EOR in his Clean Energy for America Act, and was optimistic about it getting in the final reconciliation package.
“This is a narrow provision," Khanna said. "No one is saying CCS shouldn’t be part of the broader Build Back Better.” Read Khanna’s bill text here.
The House-passed reconciliation package includes significant boosts for point-source capture and direct air capture benefits under 45Q. But Democrats’ edits to the tax credit faced backlash from carbon mitigation tech backers, who said minimum capture thresholds at 75 percent for power plants and 50 percent for industrial facilities would shut out a large swath of projects and make the credit functionally inaccessible. Lawmakers acquiesced by removing the 50 percent threshold for industrial facilities in the package passed by the House, and senators are discussing potentially ridding the 75 percent threshold as well.
But several environmentalists, including Khanna, fear that getting rid of the 75-percent threshold would remove a major accountability measure to ensure the tax credit is actually being used to mitigate emissions. "That’s moving in the wrong direction," Khanna told ME.
A Senate Finance spokesperson told ME that the tax credit is still being discussed. READ MORE
Big payout, more CO2: Greens split over Dems’ CCS plan (E&E News)
Excerpt from E&E News: The debate hints at a wider fight over long-term efforts to green the grid. Utility executives and electricity analysts widely believe it is possible to generate somewhere between 70 percent and 90 percent of the country’s power through a combination of low- to zero-carbon resources like renewables, nuclear and hydro (Climatewire, Nov. 13, 2020). But zeroing out the remaining emissions without jeopardizing the reliability of the grid is a challenge.
That’s where carbon capture might play a role.
“No credible modeling shows that variable renewables plus hydro, wood, and nuclear can make up more than, say, 80-85% of US electricity production,” wrote Jay Apt, a professor who studies the electricity sector at Carnegie Mellon University, in an email to E&E News. “The remaining bit must be flexible resources. Gas with CCS is likely to be the least expensive.”
Indeed, the fight between greens is based largely on competing assumptions of how utilities will use a revamped 45Q tax credit. Groups like the Clean Air Task Force largely assume it would benefit gas plants the most.
The advanced age of most U.S. coal plants, coupled with strong competition from gas and renewables, means that the deployment of carbon capture at coal plants would be limited, said John Thompson, technology and markets director at the Clean Air Task Force.
Yet carbon capture could play an essential role in stabilizing the grid as more power surges through its wires to meet rising demand from electric vehicles, heating and other sectors of the economy, he said.
...
The Sierra Club, by contrast, worries that the revamped 45Q credits are rich enough to make once uneconomic coal plants profitable.
The credit is paid per ton of CO2 sequestered, meaning power plant operators will have a strong incentive to run the plant as much as possible. That could potentially crowd out other clean energy resources, said Jeremy Fisher, a senior strategy and technical adviser at the Sierra Club. READ MORE
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