A major expansion in tax credits for companies that capture and store carbon emissions under U.S. President Joe Biden's new climate law could be a boon to the ethanol industry as it seeks to meet its mid-century climate goals.
The Inflation Reduction Act Biden signed on Tuesday significantly expands tax credits for industrial projects that capture emissions of carbon dioxide, the main gas blamed for climate change, and either store it underground or use it as a building block for other products.The industry hopes to use carbon capture and storage technology, aided by a network of carbon transport pipelines across the Midwest, to reach a goal of net zero emissions by 2050.
One set of projects that could benefit from the expanded credits are a network of pipelines proposed in the Midwest to capture and transport ethanol plant emissions. The projects could capture as much as 39 million tons of carbon annually, according to the company websites, potentially making them eligible for more than $3.3 billion in tax credits.
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