The carbon capture tax credit is a wasteful, expensive scam
Tom KirkmanIndependent Project Manager
The utterly wasteful futility and massively expensive scam of the Carbon Capture tax credit scheme.
Brought to you by endless tax credits under the Inflation Reduction Act and the IRS.
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“Carbon capture and storage technology seeks to “mitigate greenhouse gas emissions” by trapping CO₂ from smokestacks and by direct air capture, followed by pumping the CO₂ deep underground.
… Why would anyone in their right mind use an equivilant amount of energy (via fossil fuels) to capture CO₂ from air or industrial smokestacks and then inject it underground?
The same question can be asked about EVs: why destroy the environment and produce EVs that are actually less efficient than ICE powered vehicles?
To slow “global warming” ??
… The reason for Green Grifter’s scams such as solar, wind, EVs and carbon capture is to leverage your tax dollars and to propagate false flag technologies for the profit of the few.
There is no way in a million lifetimes that grossly inefficient “renewables” can touch the energy density and/or energy return on investment of nuclear energy or fossil fuels.
● 》 … Capturing CO2 using Direct Air Capture requires almost as much energy as that contained in the fossil fuels that produced the carbon dioxide in the first place.
… Section 45Q of the Internal Revenue Code provides for a tax credit for the sequestration of carbon dioxide. The Inflation Reduction Act (IRA) enhanced and expanded the Section 45Q tax credit by increasing the tax credit value, extending the construction deadline, and lowering the qualification threshold.
Specifically, the IRA increased the tax credits available under Section 45Q to $85 per metric ton for captured carbon that is stored in geologic formations, $60 per metric ton for the use of captured carbon to produce low and zero carbon fuels, chemicals, building materials, and other products, and $60 per metric ton for captured carbon that is stored in oil and gas fields, all assuming the wage and apprenticeship requirements are met.
Previously, electricity generating facilities were required to capture at least 500,000 metric tons per year, and industrial facilities were required to capture at least 100,000 metric tons per year.
The IRA reduced those thresholds to 18,750 metric tons per year and 12,500 metric tons per year, respectively.
These lower thresholds may open up new opportunities for entities that were previously scaled out. Source: Reuters …”