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Carbon capture and storage technologies are seeking to achieve zero net emissions in America by 2050. To that end, a host of legislative initiatives has been proposed at the state and federal levels to research the feasibility of current carbon capture technologies and to determine whether such technologies make economic sense for businesses.
Of the legislative initiatives, giving businesses the opportunity to receive carbon credits by implementing carbon capture and storage technologies could prove to be an attractive incentive. There are several carbon capture methods. For example, one such technology involves direct-air capture units, which are being used in Texas’s Permian region. The solar powered direct-air capture units suck carbon dioxide from the atmosphere and pump it into sedimentary rock formations. Another is bioenergy with carbon capture and storage, which uses trees and crops to absorb carbon as they grow. Those crops, or biomass, are then burned for energy, and the carbon is captured and stored underground. These technologies can help businesses capitalize on carbon credits by utilizing existing infrastructure.
What Are Carbon Credits and How Do they Work?
In February 2019, the Utilizing Significant Emissions with Innovative Technologies Act (the USE IT Act) (S. 383) was re-introduced in the U.S. Senate. …
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