Portman, Bennet Carbon Capture Improvement Act Signed into Law as Part of Bipartisan Infrastructure Legislation
WASHINGTON, DC – Today, U.S. Senators Rob Portman (R-OH) and Michael Bennet (D-CO) announced that their bipartisan Carbon Capture Improvement Act has been signed into law as part of the bipartisan Infrastructure Investment and Jobs Act (IIJA). The IIJA recently passed the House in a vote of 228-206, having previously passed the Senate in August in a vote of 69-30. The Carbon Capture Improvement Act makes it easier for power plants and industrial facilities to finance the purchase and installation of carbon capture, utilization, and storage equipment, as well as direct air capture (DAC) projects, through the use of private activity bonds (PABs).
“Carbon capture and direct air capture are two common-sense technologies that will allow states like Ohio to continue to utilize our natural resources while protecting our environment at the same time,” said Portman. “This bipartisan legislation takes significant steps to help industry adopt these key technologies, which will make our infrastructure more resilient and environmentally friendly. I am pleased that it has been signed into law as part of the Infrastructure Investment and Jobs Act.”
“Reducing carbon pollution while creating good-paying jobs is something Democrats, Republicans, labor unions, industry, and environmentalists can all get behind,” said Bennet. “I’m pleased we were able to secure this provision in the Infrastructure Investment and Jobs Act. This will help reduce carbon pollution by making it more cost effective to invest in carbon capture equipment. This is a significant step to ensure we are boosting Colorado's clean energy economy, rewarding innovation, and keeping our air clean while addressing the threat of climate change.”
Carbon capture removes carbon dioxide from an emissions stream at a power plant or industrial facility, reducing emissions from energy-intensive industries. DAC is an innovative emerging technology that removes carbon dioxide directly from the atmosphere. These technologies allow us to reduce emissions and protect the environment while continuing to use our natural resources, but first generation facilities can cost upwards of $1 billion. By authorizing private activity bond financing, this bill will encourage commercial deployment, which is essential for bringing costs down and developing these technologies to scale.