Statement of Eileen Claussen
President, Center for Climate and Energy Solutions
Sept. 20, 2012
The bipartisan bill introduced today by Sens. Kent Conrad, D-N.D.; Michael Enzi, R-Wyo.; and Jay Rockefeller, D-W.Va., is an important step toward expanding the use of captured carbon dioxide for enhanced oil recovery, a proven strategy that will boost domestic oil production, create jobs, spur economic growth, and reduce carbon emissions.
We applaud Senators Conrad, Enzi, and Rockefeller for introducing legislation to modify the existing Section 45Q Tax Credit for Carbon Dioxide Sequestration to enable its effective commercial use.
The bill reflects recommendations from the National Enhanced Oil Recovery Initiative (NEORI), a diverse coalition of stakeholders from industry, labor, state government, and environmental groups that was convened by C2ES and the Great Plains Institute. The proposed modifications to the 45Q tax credit are needed to advance important commercial CO2 capture projects now under development and to promote broader deployment of carbon capture utilization and storage technologies that will reduce the carbon footprint of fossil fuels.
We look forward to working with the Senators and others to see this bill enacted.
For more information, see NEORI’s 45Q recommendations and the NEORI participant list.
Contact Laura Rehrmann, 703-516-0621, firstname.lastname@example.org