Not long ago, many considered large-scale industrial carbon capture to be a pie-in-the-sky concept. But neither the capturing of carbon dioxide (CO2) nor permanent underground sequestration is new — naturally occurring sources of CO2 have been used in enhanced oil recovery (EOR) for decades. And, with new financial incentives and a renewed sense of urgency regarding climate action, things are changing fast — so quickly, in fact, that the carbon-capture industry may be poised for exponential growth, both in the U.S. and abroad. In today’s RBN blog, we discuss highlights from our second Drill Down Report on carbon capture.
When U.S. lawmakers introduced the 45Q tax credit in 2008 to encourage the development of carbon-capture projects, they were planting a seed they hoped would one day sprout into a flourishing industry. As the years wore on and the number of successful projects remained small, they added a little fertilizer in 2018, not only enhancing the value of the credits but easing some of the limitations in the earlier legislation. This summer’s passage of the Inflation Reduction Act (IRA) is intended to reap a harvest of carbon-capture projects designed to reduce greenhouse gas (GHG) emissions and help the U.S. advance its plans to achieve net-zero GHG emissions by 2050. The passage of the IRA certainly brightens the future for carbon capture. In addition to the enhanced 45Q tax credits, the legislation also has several key provisions seen as favorable to the industry — including lower emissions thresholds for qualifying facilities and the option to receive the tax credit as a direct payment — but that doesn’t guarantee success.
The key theme when it comes to the 45Q tax credit and carbon-capture projects in general is potential. As we detailed in Part 1 of this report, the ongoing energy transition and clean-energy goals have set the stage for carbon capture’s growing importance, but advances in technology, long-term commitments to decarbonization, and enhanced government incentives have the industry poised for a global breakout. Here are four reasons why, detailed in today’s Part 2.
Join Backstage Pass to Read Full Article
About the song
“Way Down in the Hole” was written by Tom Waits and appears as the second song on side two of Waits' 10th studio album, Franks Wild Years. The song was used as the theme song for the HBO crime drama series, The Wire. The series ran for five seasons from 2002-08. In addition to Waits’ version, a different recording of “Way Down in the Hole” was used for each season, including versions by The Blind Boys of Alabama, The Neville Brothers, DoMaJe, and Steve Earle. Personnel on the Waits record were: Tom Waits (vocals, pump organ), Marc Ribot (guitar), Greg Cohen (bass), Michael Blair (drums, percussion), Ralph Carney (sax), and Angela Brown, Leslie Holland, and Lynne Jordan (backing vocals).
Franks Wild Years was recorded during 1987 at Universal Recording in Chicago, and The Sound Factory and Sunset Sound in Hollywood. The album contains songs written for a play of the same name. Several songs from the album have appeared in television shows, movies, and stage productions. Produced by Waits, the album was released in August 1987 and went to #115 on the Billboard Top 200 Albums chart.
Tom Waits is an American songwriter, singer, musician, and actor. He began his professional career performing on the San Diego folk circuit as a teen in the late 1960s. He moved to Los Angeles in 1972, where he worked as a songwriter before securing his first record deal with Asylum Records. He has released 17 studio albums, three live albums, seven compilation albums, two soundtrack albums, and 24 singles. His songs have been covered by many artists from different genres. Waits has appeared in over two dozen motion pictures. He was inducted into the Rock and Roll Hall of Fame in 2011. His last tour was in 2008 and his last LP, Bad as Me, was released the same year. He has a featured role in the movie Licorice Pizza, which was released in the U.S. in November 2021 and received an Oscar nomination for Best Picture.
