Ohio’s carbon capture industry is set to skyrocket with the states’ Carbon Capture Improvement Act on Tuesday (10th August) having passed the Senate as part of the Infrastructure Investment and Jobs Act.
Senators Rob Portman and Michael Bennet back in May introduced the bill to help finance carbon capture projects, reduce emissions and boost innovation.
Through the act, the duo also hopes to make it easier for power plants and industrial facilities to install carbon capture, utilisation and storage (CCUS) equipment, as well as direct air capture (DAC) technology.
It is thought the above can be achieved through the use of private activity bonds.
By authorising private activity bond financing, the bill will encourage commercial deployment, which Portman and Bennet say is essential for bringing costs down and developing carbon capture technologies to scale.
“Carbon capture and direct air capture are two common-sense technologies that will allow states like Ohio to continue to utilise our natural resources while protecting our environment at the same time,” Portman said.
“This bipartisan legislation takes significant steps to help industry adopt these key technologies, which will make our infrastructure more resilient and environmentally friendly.”
Bennet added, “Reducing carbon pollution while creating good-paying jobs is something Democrats, Republicans, labour unions, industry and environmentalists can all get behind.”
“I’m pleased we were able to secure this provision in the Infrastructure and Jobs Act. This will help reduce carbon pollution by making it more cost effective to invest in carbon capture equipment.”
“This is a significant step to ensure we are boosting Colorado’s clean energy economy, rewarding innovation, and keeping our air clean while addressing the threat of climate change.”