trending Market Intelligence /marketintelligence/en/news-insights/trending/jRRZBmaOg-VC5oG7RWyp2g2 content esgSubNav
In This List

Texas, Alabama pass state resolutions in support of carbon capture

Blog

European Energy Insights - May 2021

Blog

Metals & Mining Insights May 2021

Blog

[Report]: 2021 Corporate Renewables Outlook

Blog

Corporate Credit Risk Trends in Developing Markets An Expected Credit Loss ECL Perspective


Texas, Alabama pass state resolutions in support of carbon capture

State legislatures in Alabama and Texas have passed resolutions urging Congress to extend tax credits to support carbon capture technologies.

"We hereby urge the Congress and the President of the United States to enact legislation to expand and extend the current federal tax credit for carbon capture, utilization, and storage under Section 45Q of the Internal Revenue Code," the resolution adopted May 19 by Alabama senators said.

The Alabama resolution called for the "inclusion of economically and environmentally beneficial carbon capture projects in forthcoming federal infrastructure initiatives," "policies to increase the operational efficiency, and thereby the environmental performance, of existing electric-generating units in the United States" and "the preservation of a fuel-diverse electric generation portfolio critical to our domestic economic, energy, and national security."

The Texas resolution was adopted by the state Senate on May 23 and the state House on May 24. It stated support for extending the 45Q tax credits and urged Congress "to provide appropriations to the United States Department of Energy sufficient to achieve and sustain a robust carbon capture research, development, demonstration, and deployment program and to support the inclusion of economically and environmentally beneficial carbon capture projects in any forthcoming federal infrastructure initiative."

North Dakota, and Kentucky have passed similar resolutions this year, while a coalition of energy groups urged the Trump administration and Congress to take action on the bill.

Trump's proposed budget for the 2018 fiscal year calls for an 85% cut in funding for carbon capture and storage research.