1 year ago
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A new bill introduced by Senators Sheldon Whitehouse (D-RI) and Bill Cassidy (R-La), the Captured Carbon Utilization Parity Act of 2023, would increase funding for carbon capture schemes – a false climate ‘solution’ that overwhelmingly exists to support additional oil drilling.
The bill aims to increase the amount in tax credits (which were increased in the Inflation Reduction Act) that carbon capture projects can claim through the 45Q program when used for various things, including petrochemical, plastic production or synthetic fuels. At present, the vast majority of carbon is re-used in oil extraction (what is known as enhanced oil recovery).
Food & Water Watch Policy Director Jim Walsh released the following statement in response:“Carbon capture supporters like to talk about it as a climate fix, but the fact that it is backed by oil and gas giants tells you everything you need to know. The fossil fuel industry has pulled off a remarkable trick by rebranding oil drilling as a form of pollution reduction. This bill would steer more public money towards dirty energy and plastic production under the guise of reducing climate pollution, which would be better spent building genuinely clean energy sources rather than propping up the very industries that are destroying our planet. It’s time for lawmakers to see the truth about carbon capture and sequestration: This is pro-polluter scam technology that serves the interests of fossil fuel companies, increases pollution in communities, and does nothing to help the climate.”
