According to proponents of oil and gas, tax credits in the $430 billion U.S. climate and tax bill that will be signed into law this week will jump-start carbon sequestration projects and offset start-up costs for anti-pollution initiatives. As a result, hubs for carbon capture and storage that accept gases from oil refineries, chemical plants, and power and gas producers have emerged as the energy sector’s favored method of reducing global warming.
Inflation Reduction Act provisions include:
- Up to $85 per ton tax credit for burying carbon dioxide produced by industrial activity
- Removal of Up to $180 per ton of carbon dioxide from the air
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