07/31/2020 | Press release | Distributed by Public on 07/31/2020 15:43
WASHINGTON - At a hearing of the Senate Energy and Natural Resources Committee this week, Senator John Hoeven advocated for enhancements to the 45Q tax credit to further advance carbon capture, utilization and storage (CCUS) technologies. The senator, along with Assistant Secretary of Fossil Energy Steven Winberg, Carbon Utilization Research Center Executive Director Shannon Angielski and Dr. Julio Friedman with the Columbia University Center on Global Energy Policy, highlighted the impacts of the coronavirus disease 2019 (COVID-19) pandemic and federal permitting delays on the development of CCUS projects, stressing the need to:
'CCUS technologies support the continued use of reliable baseload power sources, like lignite coal, while also reducing emissions and promoting better environmental stewardship,' said Hoeven. 'That's an opportunity to grow our nation's role as a leader in clean coal technology, especially as other countries continue to construct new coal-fired power plants. By enhancing the 45Q tax credit, including establishing a longer timeframe for claiming the credit and providing a direct payment option, we can help ensure efforts like Project Tundra continue advancing through challenges like the COVID-19 pandemic and are able to reach commercial viability.'
This discussion builds on Hoeven's efforts with the White House, Department of the Treasury and the Department of Energy to get the 45Q tax credit implemented in a manner that will make CCUS projects more commercially-viable: