Carbon capture utilization and storage in the new Inflation Reduction Act

Abstract

The Inflation Reduction Act of 2022 should offer an immense boost to the carbon capture, utilization, and storage (CCUS) industry. With $369 billion allocated to energy security and climate change, the expectation is to "lower energy costs, increase cleaner energy production, and reduce carbon emissions by roughly 40% by 2030". These emission reduction targets will be met in part through enhancing and expanding existing incentives.