![]() Read more: The Inflation Reduction Act Is About to Jumpstart U.S. “The fact that it actually came out in such a good form and actually came out is much better than we expected.” “The fact that actually happened isn’t a big surprise,” says Adrian Corless, CEO of CarbonCapture, a direct air capture startup. The new bill also simplifies the process for receiving those tax credits, and opens the subsidy to smaller carbon capture projects, which together essentially fulfill a full industry wishlist for new carbon capture legislation. Developers say that raising that incentive could tip many projects that once weren’t worth the investment over the financial finish line. The Inflation Reduction Act, which passed the Senate on Monday and is poised to pass the House on Friday, includes a dramatic change in a crucial tax credit for the carbon capture industry-increasing the government subsidy for capturing CO2 from polluting sources from $50 to $85 per metric ton. “We’re definitely going from a curiosity to a priority,” says Steve Lowenthal, chief commercial officer of Frontier Carbon Solutions, a carbon capture startup. Those provisions have the startups, investors, and legacy oil companies proposing to provide that service over the moon. But there are huge new rewards for high-emitting companies to pump their greenhouse gasses underground, and for facilities that propose to remove emissions directly from the atmosphere. Va.), there isn’t much in the way of consequences for big CO2 emitters in Democrats’ new climate bill. ![]() In addition to our mangrove initiative Aramco is working on other nature-based solutions such as developing algae ponds and photo bioreactors that are expected to reduce thousands of tons of CO 2 emissions from across our operations.Thanks to Senator Joe Manchin (D., W. Our mangrove plantation initiative to restore lost mangrove habitats in the Kingdom’s coastal areas is a voluntary sustainability community initiative to protect the natural habitats and ecosystems our company relies on. ![]() Mangrove trees act as an effective, natural carbon sink. In line with CCE, Aramco’s initiative to protect, plant and restore millions of mangrove trees inside and outside the Kingdom will absorb carbon and enhance biodiversity, while also prioritizing water conservation, treatment and reuse. Nature-based solutions also play an important role in removing carbon as part of the Circular Carbon Economy (CCE) - the framework promoted by the Kingdom and adopted by the G20 member states during Saudi Arabia’s presidency of the G20. Alternatively, CO 2 can be sequestered by cultivating algae, which can be harvested and processed to produce useful products like biofuel and protein-rich animal feed. Mangrove trees, for example, sequester carbon far more effectively and permanently than terrestrial forests. Finally, nature can act as a natural carbon sink.Bio Energy Carbon Capture and Storage technologies extract and store CO 2 from biomass, itself a renewable energy source.Direct Air Capture (DAC) processes capture CO 2 directly from the atmosphere (rather than at source), to be sequestered or utilized.Mobile Carbon Capture technologies capture CO 2 from mobile sources and store the gas on board, ready for sequestration or utilization.Utilization means using captured CO2 directly - for example in manufacturing cement - or converting captured CO2 and other gases into useful industrial products like chemicals or fuels. ![]() Enhanced Oil Recovery involves extracting oil from oil fields by changing the original properties of oil, such as chemical flooding, carbon dioxide injection, or thermal recovery.Sequestration technologies deposit captured CO 2 in geological formations.Capture technologies take CO 2 from exhaust or reformed gases or stationary sources using pre-combustion, post-combustion or oxy-combustion techniques.
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