Read more: The Inflation Reduction Act Is About to Jumpstart U.S. “The fact that it actually came out in such a good form and actually came out is much better than we expected.” “The fact that actually happened isn’t a big surprise,” says Adrian Corless, CEO of CarbonCapture, a direct air capture startup. The new bill also simplifies the process for receiving those tax credits, and opens the subsidy to smaller carbon capture projects, which together essentially fulfill a full industry wishlist for new carbon capture legislation. Developers say that raising that incentive could tip many projects that once weren’t worth the investment over the financial finish line. The Inflation Reduction Act, which passed the Senate on Monday and is poised to pass the House on Friday, includes a dramatic change in a crucial tax credit for the carbon capture industry-increasing the government subsidy for capturing CO2 from polluting sources from $50 to $85 per metric ton. “We’re definitely going from a curiosity to a priority,” says Steve Lowenthal, chief commercial officer of Frontier Carbon Solutions, a carbon capture startup. Those provisions have the startups, investors, and legacy oil companies proposing to provide that service over the moon. But there are huge new rewards for high-emitting companies to pump their greenhouse gasses underground, and for facilities that propose to remove emissions directly from the atmosphere. ![]() ![]() Va.), there isn’t much in the way of consequences for big CO2 emitters in Democrats’ new climate bill. CarbonCapture’s systems capture atmospheric CO 2 for either permanent removal or for utilization in low-carbon synthetic fuels, concrete, and other industrial products.Thanks to Senator Joe Manchin (D., W. With a ground-breaking modular open systems architecture, the company’s technology platform allows for plug-and-play upgrades, mass production, unlimited scalability, and rapid technology iterations. They’re not only providing exceptional thought leadership in the sustainability and carbon removal space,” said Adrian Corless, CarbonCapture’s CEO and CTO, “they’ve also stepped up and shown their commitment to the DAC industry by making a major purchase of carbon removal credits.”īCG: Eric Gregoire About CarbonCapture Inc.ĬarbonCapture develops and deploys direct air capture (DAC) machines that can be connected in large arrays to remove massive amounts of CO 2 from the atmosphere. “We’re extremely pleased to be working closely with BCG. Investment is needed now to grow the carbon removals market, and it is critical that companies provide early support to the DAC sector-and other high quality pioneering removal technologies-to help them scale and drive costs down in the long term.ĬarbonCapture’s technology platform offers multiple benefits, including unique modular hardware that can be mass produced and an open architecture that enables the optimization of sorbents across different climates.ĬarbonCapture is currently developing Project Bison, a large DAC facility in Wyoming that will include a phased rollout plan to capture and store five million tons of atmospheric carbon dioxide per year by 2030. BCG is committed to this effort, and we are pleased to partner with CarbonCapture to make it happen.”Īccording to the Intergovernmental Panel on Climate Change (IPCC), limiting global warming to 1.5 degrees Celsius requires a rapid reduction in global emissions, combined with the cumulative removal of tens to hundreds of gigatons of carbon dioxide by 2100. This requires early investment and long-term corporate commitments today. ![]() ![]() “Rapid innovation and scaling are needed to help reach its future potential. “Carbon dioxide removal is critical to achieve net zero emissions globally, and DAC is a very promising technology,” said David Webb, BCG’s chief sustainability officer. This represents the second largest publicly announced global direct air capture (DAC) offtake deal by volume, and the largest in the professional services industry globally. The 40,000-ton carbon removal agreement with CarbonCapture will span a five-year period, supporting BCG’s commitment to achieve net zero climate impact by 2030. (CarbonCapture), a leading direct air capture (DAC) company, announced today a partnership that covers both BCG’s purchase of CarbonCapture’s atmospheric carbon dioxide removal services as well as an intention to support CarbonCapture’s business strategy through BCG’s management consulting services. BOSTON-Boston Consulting Group (BCG), one of the world’s leading management consulting firms, and CarbonCapture Inc.
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