World depending on U.S. leadership in carbon capture tech
[Editor's note: This story originally was published by Real Clear Wire.] By George David Banks Real Clear Wire The energy industry is often fraught with partisan division, but strong bipartisan support exists for advancing U.S. carbon capture and storage (CCS) technologies. CCS projects are gaining momentum as a critical component of U.S. economic, energy, and…
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[Editor's note: This story originally was published by Real Clear Wire.]
By George David Banks
Real Clear Wire
The energy industry is often fraught with partisan division, but strong bipartisan support exists for advancing U.S. carbon capture and storage (CCS) technologies. CCS projects are gaining momentum as a critical component of U.S. economic, energy, and climate policy and represent a crucial first step in creating a pathway for effectively addressing global emissions.
For Republicans, the goal of commercializing CCS technology represents an insurance policy for the preservation of America’s vast wealth in fossil fuel resources in the case of increased domestic environmental regulation. On the other side of the aisle, Democrats recognize that developing economies will be burning significant amounts of coal for decades as they expand access to affordable energy, which would put global emissions goals out of reach.
This alignment of political interests is mirrored by the solid backing for CCS across the electorate. Recent polling conducted by the issue advocacy organization, Better Regulation Project, revealed that 86% of Democrats, 70% of Republicans, and 75% of Independents endorse CCS technology to reduce emissions. Additionally, 70% back tax credits to incentivize development. These numbers are extraordinary given the politically polarized climate we live in.
Under bipartisan leadership, America is driving CCS innovation. In recent years, Congress has played a crucial role in providing incentives for CCS projects, such as the 45Q tax credits, which reward facilities based on their carbon capture and sequestration efforts. According to the Congressional Budget Office (CBO), fifteen U.S. CCS facilities are already operational, with more expected in the coming years. Today, CCS projects under construction or development have a combined capacity to reduce 134 million tons of CO2 annually. Eventually, carbon capture can achieve 14% of the global greenhouse gas emissions reductions needed by 2050.
Developments like Project Tundra serve as shining example of U.S. leadership. Nestled near Center, North Dakota, the Milton R. Young coal-fired station, boasting a capacity of 705 megawatts across two units, has been a stalwart provider of affordable and reliable power for decades. The project aims to harness CCS technology to capture 4 million metric tons of CO2 emissions annually. Subsequently, captured CO2 will undergo safe and permanent storage within deep geologic formations approximately a mile underground. Once completed, it would be one of the world’s largest CCS facilities.
Most importantly for North Dakota’s citizens, the project would ensure the continued operation of Young Station to provide safe, reliable, and clean power for decades to come, protecting jobs and local budgets that rely on revenue from the plant. It would also help guarantee the use of the state’s vast recoverable coal reserves, which are estimated to be a staggering 800 years at the current rate of consumption.
American leadership in CCS is indispensable to worldwide efforts to significantly avoid and reduce emissions in the power and industrial sectors. By driving innovation and reducing costs for deployment, the U.S. can position itself to be the major global supplier of CCS technology and expertise in the likelihood of a carbon-constrained world. Failure to lead in CCS development risks ceding this strategic technology to China and other competitors, with potentially far-reaching implications for U.S. influence in overseas development of energy infrastructure.
By harnessing the bipartisan momentum behind CCS, we can accelerate the deployment of this transformative technology, protect our economic assets, reduce emissions, and secure a brighter future for generations to come. It's time to build upon this consensus and work together to unlock the full potential of CCS and deliver real results for America and the world.
George David Banks is the former chief strategist for Republicans on the House climate committee and special adviser on international energy and environment to President Trump.
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