Carbon capture and storage
Providing industry solutions needed to help reduce emissions during the energy transition.
A look at how carbon capture and storage works
Policy is key in how industry can scale carbon capture and storage
Carbon capture and storage is one of the few proven technologies with the potential to significantly reduce emissions from certain hard-to-decarbonize sectors, such as manufacturing and heavy industry. However, new U.S. policies are needed to spur the investment required to deploy CCS at such a pace and scale. Here are the key and immediate actions required to continue moving forward:
Enhance the CCS Production Tax Credit (45Q) for non-EOR (enhanced oil recovery)
- Initially increase value to ~$100 per metric ton from current $85
- Extend eligibility period to 30 years from current 12 years
- Eliminate deadline for starting construction
Ensure government approval for CO2 storage
- Specifically allow offshore storage of CO2 from sources other than coal
- Authorize the Bureau of Ocean Energy Management to issue leases, rights of way and pore space
- Clarify that the U.S. Environmental Protection Agency has authority for permitting CO2 injection in subsea formations
Provide financial support for CCS infrastructure
- Provide a $10 billion grant to help develop infrastructure in Houston by extending current U.S. Department of Energy programs beyond research, development and demonstration (RD&D)
- Expand the U.S. Department of Energy Title XVII program to include the deployment of existing CCS technologies at scale
- Amend TIFIA (Transportation Infrastructure Finance and Innovation Act) to add CCS projects, or create a program dedicated to CCS
"With our demonstrated leadership in carbon capture and emissions reduction technologies, ExxonMobil is committed to meeting the demand for affordable energy while reducing emissions and managing the risks of climate change."
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Low Carbon Solutions
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