Last week US President Trump signed a piece of landmark legislation that will encourage the development of the next generation of clean carbon technologies to help fight climate change.
The bill passed includes the 45Q tax credits for carbon capture, which could significantly improve the country’s reduction of greenhouse gases, whilst maintaining reliable and resilient energy sources.
The tax credits, that received bipartisan support, mean that any fossil fuel power plant or carbon producing industry that begins construction before 2024 is entitled to tax credits for up to 12 years of $30 per tonne of carbon dioxide put to use, or $50 if it is buried using carbon capture and storage (CCS).
As a result of the tax credits, the US will be able to continue its energy dominance, which it has witnessed over the course of the last twelve months.
This comes as industry experts come out to support the White House’s planned “Clean Coal Alliance”, which is aimed at sharing carbon capture and storage (CCS) and high efficiency, low emission (HELE) technologies with countries around the world.