The opportunity to contribute to curbing carbon emissions while accessing US federal tax credits is so far proving hard to unlock, delegates at gasworld’s North American CO2 Summit 2024 have heard.
Several speakers at the conference talked about the opportunity and how it works but there was also frustration expressed that applications are not so far gaining approval. Many characterised the application process as slow and opaque in its current form.
The Inflation Reduction Act (IRA), which was signed into law in 2022, on paper made it far easier to qualify for tax credits for carbon capture, but few have so far managed to secure tax credits under the legislation. It was mentioned from the stage that only one company has so far qualified for tax credits under the scheme.
Speakers including Harriet Amelia Wessel of law firm Norton Rose Fulbright and Tyler Cole, Director of Climate Solutions for e-NG business TES, talked through the scheme and how to make a submission, but there was a consensus across those presenting that progress was slow and successful applications were few and far between.
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