Its prospects depend on a variety of factors, including changes in the cost to capture CO 2, the availability of pipeline networks and storage capacity for transporting and storing CO 2, federal and state regulatory decisions, and the development of clean energy technologies that could affect the demand for CCS. The extent to which carbon capture and storage will be used in the future is highly uncertain. Factors Affecting the Future Use of CCS.The staff of the Joint Committee on Taxation projects that the tax credit will reduce revenues by about $5 billion over the 2023–2027 period. The reconciliation act of 2022 expanded the section 45Q credit significantly. According to the Treasury, companies claimed a total of $1 billion in those credits from 2010 to 2019. In addition, companies that capture and store CO 2 are eligible for the section 45Q federal tax credit, which gives them an incentive to use CCS and reduces federal revenues. Carbon capture involves trapping the carbon dioxide at its emission source, transporting it to a storage location (usually deep underground) and isolating it. More recently, the 2021 Infrastructure Investment and Jobs Act provides $8.2 billion in advance appropriations for CCS programs over the 2022–2026 period. Recently, the United Nations Economic Commission for Europe (UNECE) called for the wide-scale deployment of carbon capture technology source: U.N. Outside the regular appropriation process, the American Recovery and Reinvestment Act of 2009 provided $3.4 billion in funding for CCS programs (some of that funding was spent, and the rest expired). Annual appropriations for CCS research and related programs totaled $5.3 billion (in nominal dollars) over the 2011–2023 period. Almost all CCS facilities recoup some of their costs by using the captured CO 2 to force more oil out of partially depleted oil wells. Those percentages are small in part because CCS is generally used in sectors that have the lowest costs for capturing CO 2-such as natural gas processing and ammonia and ethanol production-and those sectors account for a small share of total U.S. If all of them were completed, they would increase the nation’s CCS capacity to 3 percent of current annual CO 2 emissions. An additional 121 CCS facilities are under construction or in development. Together, they have the capacity to capture 0.4 percent of the nation’s total annual CO 2 emissions. Fifteen CCS facilities are currently operating in the United States. CCS is used to only a small extent today various factors will affect the degree to which it is used in the future. In this report, the Congressional Budget Office examines the status, federal support, and future potential of carbon capture and storage (CCS)-a process that involves removing CO 2 from the emissions of power plants and industrial facilities and storing it permanently underground. Recent legislation has significantly boosted annual funding for those efforts. emissions of carbon dioxide (CO 2), the federal government has provided financial support for more than a decade to spur the development and use of technologies for capturing CO 2 emissions.
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