President Biden’s US Inflation Reduction Act (IRA) has supercharged interest in carbon transactions as global energy players look to take advantage of huge financial incentives for project development, says a specialist in clean energy legal deals.
Speaking at gasworld’s ‘CO2 in 2024: What’s next for the business?’ webinar, carbon transaction specialist Deanne Barrow, Renewable Energy & Infrastructure Lawyer at Norton Rose Fulbright, outlined the impact that the IRA has had on carbon capture transactions and how the process works.
“In August of 2022, President Biden signed into law in the US the Inflation Reduction Act (IRA). The IRA has supercharged interest in carbon transactions. We’ve seen a huge uptick in interest from players all over the world wanting to develop projects in the US to take advantage of these incentives or to invest in projects or to lend and finance such projects,” said Barrow.
In a nutshell, carbon trading is a market-based system aimed at reducing greenhouse gases that contribute to global warming, particularly CO2 emitted by burning fossil fuels.
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