A new report from Empower lays out how billions in carbon capture tax credits – the result of intense industry lobbying–shifts the high costs of enhanced oil recovery onto taxpayers. It’s a waste of money that drives climate change while putting our environment, health and safety at risk.
Read more about the report’s troubling findings here
Key Takeaways:
- A close look at carbon capture projects in Texas shows most are using the captured carbon for enhanced oil recovery to produce even more oil and gas, adding to climate change pollution, not reducing it.
- Empower found the companies involved in these projects stand to receive at least $3 billion annually in federal tax credits, and that the total could jump to as much as $33 billion annually under the right conditions.
- Corporations are promoting carbon capture through joint ventures with US government-sponsored consortia, private think tanks, and lobbyists.
- Lobbying expenses by industry to institute and grow these tax credits totalled approximately $2.25 billion between 2002 and April 2023.
- Carbon capture prolongs the lifespan of fossil fuel companies while risking the health and safety of the communities where it operates.
How much should we sacrifice for the false promise of carbon capture?
We can do better, Minnesota.
