EMISSIONS
Carbon management is emerging as an important component of regulatory strategies to progress towards a net-zero economy. Recent actions range from funding for the first direct air capture facilities to establishing an action committee to advance marine carbon dioxide (CO2) removal.
The deployment of carbon capture, utilization and storage (CCUS) technologies is expected to increase in the U.S., driven by federal and state initiatives to meet emissions reduction targets. Supportive policies, including $12 billion in funding from the…Read the full report …...
The deployment of carbon capture, utilization and storage (CCUS) technologies is expected to increase in the U.S., driven by federal and state initiatives to meet emissions reduction targets. Supportive policies, including $12 billion in funding from the Infrastructure Investment and Jobs Act (IIJA) of 2021 and enhanced tax credits under the Inflation Reduction Act (IRA) of 2022, are driving carbon capture projects across the U.S. Initiatives to expand carbon dioxide (CO2) pipelines to connect to sequestration sites have also gained momentum.
The U.S. Environmental Protection Agency (EPA) has proposed new limits on carbon dioxide emissions from coal- and gas-fired power plants, the latest in a string of actions to further the Biden administration’s ambitious climate agenda including proposals to strengthen vehicle emission standards and curb methane leaks from oil and gas wells.
The increasing focus on reducing carbon dioxide (CO2) and other greenhouse gas emissions to achieve climate goals has drawn renewed attention to the deployment of carbon capture, utilization, and storage (CCUS) technologies. Federal investments in carbon management through the 2021 Infrastructure Investment and Jobs Act (IIJA) have provided a near-term opportunity to scale commercial carbon capture projects.
Discussion around the social cost of greenhouse gases has drawn increased interest following the Biden administration’s renewed focus on establishing the climate metric for federal agencies to incorporate in their policy decisions.
Federal and state government agencies across the U.S. are advancing climate measures for effective implementation of emissions-reduction strategies to progress towards ambitious goals. Federal actions include an executive order directing the federal government to use its procurement power to achieve net-zero emissions, stronger auto fuel standards, and a methane reduction proposal. Recent state actions range from New York’s plan to implement its landmark climate law to Colorado’s oil and gas emission standards, and a cap-and-invest program in Oregon.
The eighteenth quarterly carbon auction held by California and Quebec sold all 80,847,404 carbon permits offered for current emissions at $15.73, above the floor price of $15.62, according to the results released on Feb. 27 by the California Air Resources Board. The auction sold about 66 percent of the permits offered for 2022 emissions at…...
The Virginia legislature approved a bill that would prohibit the governor or any state agency from participating in a regional carbon market, without a two-thirds majority vote from both the legislative chambers. The state is considering its own proposed cap-and-trade rule designed to link with the nine-state Regional Greenhouse Gas Initiative, or RGGI, the nation’s…...
The Joint Committee on Carbon Reduction unveiled legislation on Feb. 4 that would establish the Oregon Climate Action Program to place a cap on greenhouse gas emissions for entities whose annual emissions exceed 25,000 metric tons of carbon dioxide equivalent. The bill would set an annually declining emissions budget, starting in 2021 to put the…...
Montana House Lawmaker Mary Dunwell, a Democrat, introduced legislation on Jan. 14 that would impose a carbon tax of $10 per metric ton on large emissions sources from 2020, increasing annually by $1, plus the rate of inflation. The bill would set an emissions reduction goal of 25 percent by 2035, and 50 percent by…...
Democratic Governor Tom Wolf issued an executive order on Jan. 8 requiring the state to work toward reducing greenhouse gas emissions by 26 percent by 2025, and 80 percent by 2050, relative to 2005 levels. By setting goals in line with the 2015 Paris climate agreement, Pennsylvania joins a growing number of states reacting to President…...