The U.S.’ Inflation Reduction Act (IRA) has been hailed as both a jobs-creating infrastructure stimulus and a clean energy booster. To ensure bi-partisan support in the otherwise polarized United States, it also provides generous tax credits for investments in carbon capture and sequestration or carbon capture and storage (CCS) technologies. Beyond the $12 billion in other government support for CCS, bonus funds are now available to prove out experimental “Direct Air Capture” (DAC) technology. Recently Airbus bought 400,000 tons of carbon removal credits from a planned DAC facility in Texas’ oil-soaked Permian Basin. When operational in 2024, owner Occidental Petroleum promises it will be capable of sucking one million tons of CO2 out of the sky every year. And as lead blogger and podcaster Michael Buchsbaum reviews, Oxy will then use that CO2 to produce millions of barrels of climate friendlier “net-zero oil.” Confused? Welcome to America’s suck rush. Taxing Credits Going forward, under the in 2022 passed IRA, CCS facilities are eligible for a suite of very generous tax credits for each metric ton of carbon dioxide injected into … Continue reading Biden’s climate push ensures US stays #1 in giant carbon sucking machines