Businesses, politicians and new tax incentives support carbon reduction investments

Extratropical cyclones Ida and Nicholas struck the United States, causing floods, tornadoes and destruction. Climate change has made these meteorological phenomena common around the world, leading to time-consuming, costly and painful reconstruction processes. An August 2021 report by the Intergovernmental Panel on Climate Change concludes that human-induced climate change is already affecting many weather conditions. Extreme climate-induced climate change in all regions of the world.

American companies have unique opportunities to lead the United States in reducing GHG through environmental, social and governance (ESG) practices. ESG is a set of criteria that value-based investors use to responsibly allocate potential investments. Environmental standards consider how a company implements and / or deploys capital as a natural manager. Social standards look at how it manages relationships with employees, suppliers, customers, and the communities in which it operates. It covers not only governance, but also corporate leadership, executive compensation, auditing, internal control and shareholder rights. The use of ESG attracts external investors. ESGs can also help corporate boards identify risks, develop mitigation strategies, and improve branding. The devastating consequences of climate change are now predictable and therefore constitute a significant risk that businesses need to mitigate and disclose to shareholders in the form of 10K per year. Such practices can support the growth of responsible companies.

Many US industrial companies are beginning to adopt technologies that reduce GHG emissions. Carbon capture and storage (CCS) is one of the most productive mitigation strategies. The Global CCS Institute defines CCS as capturing carbon dioxide (CO2) at its source, compressing it for transport, injecting it deep into rock formations in carefully selected safe locations, and storing it permanently. doing. This process can also capture CO2 from the surrounding air. Overall, CCS emits GHGs, although there are some negative effects on CCS practices, such as construction, waste generation, and particulate matter emissions, and the risk of gas leaks from some geological formations is limited. The ability to mitigate is far outweighed by the risks. The continued adoption of CCS by industrial enterprises will further improve the operational efficiency and safety of CCS.

CCS is an underestimated and underutilized technology that has the ability to directly mitigate climate change. The International Energy Agency said in a 2016 report that the development of CCS is hampered by fluctuating policies and financial support. CCS is not yet a widely used factor in measuring corporate ESG performance. Nonetheless, the adoption of CCS has the potential to offer three distinct benefits: reducing GHG emissions, ensuring a viable E for ESG measures, and attracting investors based on value. CCS is an established technology that has been used on an industrial scale since the 1970s, and many large American energy companies such as ExxonMobil, Chevron and ConocoPhillips have invested in CCS. Federal lawmakers are also aware of the potential of CCS. For example, in negotiations with Senate leader Chuck Schumer, Chuck Schumer Warren Buffett rejects Sanders’ request to intervene in the union’s strike Biden, and lawmakers mourn Harry Reid. Joe Manchin Joe Manchin Four states that it will feature two incumbent primary in 2022. Biden’s to-do list for 2022 looks like next year’s 2021 Biden is facing a series of minefields. Support for carbon capture, utilization and storage.

The US Tax Administration clarified the CCS tax incentives in July 2021 when it issued guidance on dealing with carbon oxide sequestration tax credits known as 45Q. Developments such as this 45Q guidance will make CCS deployment more predictable and therefore affordable. There may be many options for dealing with carbon emissions, carbon dioxide emissions, and climate change resilience, but the clear effectiveness of CCS and these tax incentives convince CCS. We provide powerful examples. Passed. Now is the time to expand the focus of CCS as knowledgeable investors and businesses that prioritize ESG continue to attract value-based investors with the goal of reducing carbon.

Samantha Phillips Beer is an environmental lawyer for the Environmental Protection Agency (EPA) and has been with the federal government for over 30 years.

Angus Welch is an EPA physical scientist.

The expressed views are the author’s own.

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