Storing CO2 And Lowering Emissions Act
A BILL
To require the Secretary of Energy to establish programs for carbon dioxide capture, transport, utilization, and storage, and for other purposes.
Sec. 2 Findings
Congress finds that—
the industrial sector is integral to the economy of the United States, providing millions of jobs, essential products, and demonstrating global leadership in manufacturing and innovation;
carbon capture and storage technologies are necessary for reducing hard-to-abate emissions from the industrial sector, which emits nearly one quarter of the United States carbon dioxide emissions;
carbon removal and storage technologies, including direct air capture, must be deployed at large-scale in the coming decades to remove carbon dioxide directly from the atmosphere;
large-scale deployment of carbon capture, removal, utilization, transport, and storage is critical for achieving mid-century climate goals and will drive regional economic development, technological innovation, and high-wage employment;
carbon capture, removal, and utilization technologies require a backbone system of shared carbon dioxide transport and storage infrastructure to enable large-scale deployment, realize economies of scale, and create an interconnected carbon management market;
carbon dioxide transport infrastructure and permanent geological storage are proven and safe technologies with existing Federal and State regulatory frameworks;
carbon dioxide transport and storage infrastructure share similar barriers to deployment previously faced by other types of critical national infrastructure, such as high capital costs and chicken-and-egg challenges, that require Federal and State support, in combination with private investment, to be overcome; and
each State should take into consideration, with respect to new carbon dioxide transportation infrastructure—
qualifying such infrastructure as pollution control devices under applicable laws (including regulations) of the State; and
establishing a waiver of ad valorem and property taxes for such infrastructure for a period of not less than 10 years.