New funding and tax incentives to boost US carbon capture

The US is bolstering the development and deployment of carbon capture technologies through significant financial support from the Bipartisan Infrastructure Law (BIL) and expanded tax credits via the Inflation Reduction Act (IRA). These moves aim to mitigate emissions from hard-to-abate sectors such as power plants and industrial facilities. With the BIL allocating $2.5bn towards carbon capture projects and the IRA enhancing Section 45Q tax credits, there's a growing momentum in investment and commitment to emissions reduction. This strategic support is crucial for advancing carbon capture technologies, reducing initial capital costs, and encouraging their widespread adoption, thereby contributing to the achievement of emissions reduction and climate goals. (Reuters)