Clean Energy Coalition Sanctions Bipartisan CATCH (Coordinated Action to Capture Harmful Emissions)
On May 25, the Clean Energy Coalition approved the bipartisan CATCH emissions Act. The Act addresses primary policy measures which are in line with critical provisions as laid out in predecessor bipartisan legislation introduced by congress.
The House bill was introduced by several groups of members committed to carbon management. The policy was led by several representatives such as Anthony Gonzalez, Tim Ryan. Wim Walberg, Susan Wild, Mac Veasey, and David McKinley.
“The introduction of this Act works towards the portfolio of improved carbon management provisions. The Act works hand-in-hand with other policies to ensure economy-wide use of carbon capture advancements to meet our half-century goals.”
“This new Act bridges the gap between the existing policy gaps by offering the much-needed boost in the 45S tax credit section.”
The Rhodium group recently conducted an analysis that underscores the potential of transformation impact from the CATCH Act. However, combined with the extension and direct pay, this bill’s increase in credit value will likely increase the carbon capture capacity.
The most significant sources of industrial carbon emissions such as chemicals, steel, refining, cement, and power generation have low carbon dioxide concentrations. Thus, increases in the tons of carbon capture bring higher credit values for incentivizing the adoption of capture technologies.
Other than the increase in credit value for power plants and industrial facilities, this CATCH Act eliminates the pres-set annual carbon capture thresholds under the 45Q tax credit. The thresholds were arbitrary and did not serve any policy purpose.
“The introduction of CATCH shows unwavering support from the Biden’s administration to the well-being of the environment.”