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The U.S. Environmental Protection Agency on Friday proposed ending its Greenhouse Gas Reporting Program for power plant owners and other sources of carbon emissions — a move carbon capture advocates say would hurt efforts to develop the carbon capture and storage sector.
Parts of the EPA’s GHG reporting program are “inextricably” tied to the federal Section 45Q tax credit for carbon capture and storage, according to the Carbon Capture Coalition.
“Should this proposed rule be finalized as is, the fate of hundreds of announced carbon management projects nationwide and the billions of dollars in capital investments and corresponding jobs will be on the line,” Jessie Stolark, the coalition’s executive director, said Friday in a press release.
Treasury Department and IRS requirements for monitoring, reporting and verification programs for geologic carbon storage require taxpayers claiming the 45Q tax credit to show how much carbon they are storing by using the EPA’s GHG reporting program, according to the coalition.