The Carbon Utilization Research Council’s (CURC) Executive Director Shannon Angielski provided the following statement on the Inflation Reduction Act of 2022:
“The Carbon Utilization Research Council (CURC) applauds the passage of the Inflation Reduction Act of 2022, which includes significant enhancements to the 45Q tax credit that I am certain will lead to unprecedented private sector investment in the carbon management infrastructure of the future. The inclusion of these improvements is a testament to the leadership role that CURC members have taken in implementing CCS technologies and a product of the carefully cultivated relationships our members have with Members of Congress, which has led to continual progress on the 45Q tax credit program since it was first enacted in 2008.
Our members are appreciative of the opportunity to work collaboratively with Members of Congress and their staff to identify the needed changes for 45Q to be an effective tool to deploy CCUS projects. Together with our labor members and partners, CURC is encouraged that bill will incentivize the creation of a domestic clean energy job industry that will be critical for a domestic CCUS industry to grow.
The 45Q enhancements will enable CCUS project deployment with the increased credit values for 45Q and a direct payment mechanism that will make project financing accessible. The IRA changes will ensure lower concentration and more costly CCUS projects will be able to significantly reduce CO2 emissions and avoid the need for tax equity markets to get the necessary capital investments in CCUS infrastructure.
CURC thanks the bipartisan group of Members that introduced the bill that was included in the IRA, as well as Senators Manchin and Smith for their critical leadership on 45Q enhancements.”