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Support carbon capture and storage technology – Daily Montanan [1]

['More From Author', 'April', 'Dave Lewis']

Date: 2023-04-01  

Montana’s large and small businesses are critical to economic growth and job creation. They also can play an important role to reduce our carbon footprint.

Carbon capture and storage initiatives are a promising solution that can help bridge the gap between environmental sustainability and economic prosperity. By capturing carbon dioxide emissions before they are released into the atmosphere and burying them deep underground, we can reduce our overall carbon footprint while preserving jobs and economic growth in key industries. Carbon capture and storage also gives us an opportunity to reduce harmful emissions in the meantime while we progress towards our end goal of decarbonization.

For industries that rely on the use of fossil fuels, carbon capture technology provides a pathway towards reducing emissions without completely disrupting their operations in the near future. By capturing and storing carbon emissions, these industries can move towards a more sustainable economy while maintaining their competitiveness in the global market.

Furthermore, carbon capture and storage initiatives have the potential to spur innovation and drive economic growth. As the demand for carbon capture technology increases, it will create new opportunities for businesses to develop and commercialize innovative solutions that can be deployed around the world.

But to fully realize the potential of carbon capture and storage, we must also ensure that the federal government is supportive of its development and deployment.

The Biden Administration recently announced an investment of more than $2.5 billion for the Carbon Capture Large-Scale Pilots and Carbon Capture Demonstration Projects Program, in addition to the boosted 45Q benefits included in the Inflation Reduction Act of 2022.

While the federal support for carbon capture and storage is great, the money means nothing if regulatory gridlock prevents these projects from ever getting off the ground. We need the EPA to speed up the regulatory process so that more carbon capture initiatives can begin to take place. Only two states, North Dakota and Wyoming, have received primacy approval to oversee their own CCS projects and we have 26 different CCS wells across the country waiting for permit approval for projects.

We cannot afford to wait around in this key battle.

We need to continue to support the development and deployment of carbon capture initiatives, but we must make sure that storage is also part of the equation. If the EPA can start accelerating permit and primacy approvals, we can harness the power of innovation and entrepreneurship to build a more sustainable future that benefits both the economy and the environment.

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