Trianna Krupp
Research Mentor: Susan Fancy
Mentor Department: Global CO2 Initiative, Engineering
Author(s): Trianna Krupp, Stephen McCord, Daniel Cooper, Susan Fancy
Session: Session 3 (11:00 AM – 11:50 AM)
Presentation Type: Poster 127
Abstract
Policies surrounding Carbon Capture Utilization (CCU) and Carbon Storage are undeveloped, since this is a brand-new emerging industry that utilizes waste carbon dioxide as a feedstock to make products. As a result, public and policymaker awareness of the field, and resulting policy guidance, mostly does not exist today. It is encouraged for the general public to start understanding these policies on all implementation levels to increase awareness and promote further policies to reach climate, economic, and standard of living goals. This study includes a detailed literature review of bills, laws, and acts relating to CCU and carbon dioxide storage in different regions to analyze existing policies. This completed analysis led to the conclusion that many of the regions have differing policy goals and approaches. The EU focuses on creating binding targets and limits for CCU and storage through the Net-Zero Industry Act and the EU Emissions Trading System. Additionally, one of the most recent examples of the EU’s mandatory approaches in policy is shown through the carbon border adjustment mechanism, which taxes high-carbon imports to match EU carbon prices. The US takes a different approach when creating new legislation, having a focus on encouraging businesses to utilize carbon capture and increase carbon storage capacities instead of setting mandatory limits and targets. Examples of such incentives include incentives for businesses that meet the requirements by giving them tax credits through the 40B, 45Z, and 45Q tax credits systems. Although all the regions have differing policies, they have one common flaw. Policies surrounding CCU and carbon storage are significantly underdeveloped worldwide, lacking the necessary details to create effective regulations. This report identifies effective areas of policy and those that present opportunities for further development. Improvements in policy and public outreach could encourage the completion of global climate goals set for the future while maintaining a vibrant economy, and keep the public informed on current technologies.
