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What is the status of carbon capture policies and legislation around the world?

Serena Slisby

Hey there,

Thanks for asking about the status of carbon capture policies and legislation around the world! Climate change is a really important issue, and I appreciate that you're taking an interest in it.

First, let me give you some background information. Carbon capture is a process that captures carbon dioxide emissions from burning fossil fuels (like coal) and stores them underground. This helps reduce the amount of carbon that enters the atmosphere and contributes to climate change.

There are a few different policies and legislation related to carbon capture that have been implemented around the world.

One example is the United States' 45Q tax credit, which offers financial incentives to companies that invest in carbon capture technology. The goal of this policy is to encourage innovation and investment in carbon capture, which could help reduce greenhouse gas emissions from industrial processes and power generation.

In Europe, the EU Emissions Trading System (ETS) is a cap-and-trade system for greenhouse gas emissions. Companies are given a limited number of emissions allowances, and can buy and sell them on a market. The hope is that this encourages companies to find ways to reduce their emissions, and invest in technologies like carbon capture.

In China, the government has announced plans to increase the use of carbon capture and storage (CCS) technologies. China is the world's largest emitter of greenhouse gases, so this could have a significant impact on global emissions levels.

However, it's worth noting that not all policies related to carbon capture have been successful. For example, a large-scale CCS project in Canada was cancelled in 2017 after numerous delays and cost overruns.

Overall, the status of carbon capture policies and legislation varies from country to country. Some governments are making significant efforts to invest in carbon capture technology and incentivize companies to reduce their emissions, while others have been less successful.

I hope this information is helpful! Let me know if you have any other questions.

Best,

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