Groups decry new carbon capture subsidies
WASHINGTON, D.C. — Over 20 environmental groups sent a letter to Congress today, opposing tax credits for carbon capture and sequestration. This is in response to a variety of industry-led proposals pushing for an expansion and extension of the per ton tax credit for capturing CO2 and either storing it underground or using it for enhanced oil recovery.
The letter highlights the climate dangers of expanding CCS subsidies, particularly if the captured CO2 is used to stimulate oil production. Using captured CO2 to stimulate oil production is likely to lead to a net increase in emissions, while expanding this tax credit would provide the oil industry with a subsidized source of CO2 for oil production—an explicit part of their growth model.
“Congress needs to come around to the fact that Big Oil loves carbon dioxide, especially when it helps them make money,” said Kyle Ash, senior legislative representative at Greenpeace.
“Let’s call a spade a spade. This is an oil subsidy plain and simple,” said Lukas Ross, climate and energy campaigner at Friends of the Earth. “Barely a week after Southern Company’s Kemper disaster made the headlines for mismanagement is an ironic time to push for even deeper carbon capture giveaways. But for the oil industry, it seems anytime is the right time to ask for taxpayer handouts.”
“We don’t need to capture carbon already burned,” said Bill Snape, senior counsel at the Center for Biological Diversity. “We need to keep it in the ground in the first place.”
Lukas Ross, (202) 222-0724, [email protected]
Kyle Ash, (202) 441 1314, [email protected]
Bill Snape, (202) 536-9351, [email protected]