...Under the new regime, the US government will offer a tax credit of $85 for every metric ton of carbon emissions captured from a smokestack and stored — up 70% from current levels. Industrial projects like factories that produce steel or cement, need to capture 12,500 tons or more of CO2 a year to qualify, down from 100,000 tons a year under the previous system. Direct air capture qualifies for tax credits worth as much as $180 per ton for projects that trap as little as 1,000 tons of CO2 per year. And the credits will be paid directly to the operator, providing a clear source of revenue even for relatively small installations.
With all that new support, American companies could be capturing around 100 million tons of carbon dioxide a year within a decade, more than 10 times the amount currently sequestered for tackling climate change each year, according to Boston-based environmental organization Clean Air Task Force.
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