Government subsidies for energy storage projects

How much money does the federal government spend on carbon removal & storage?

The increased subsidies all come on top of roughly $12 billion in federal support for carbon removal, capture, and storage projects, as well as pipelines and storage facilities, in the earlier infrastructure bill.

What tax credits are available for energy projects in low-income communities?

In addition to the bonus for the Investment Tax Credit for projects in low-income communities, the Inflation Reduction Act: Provides a bonus credit of up to 10 percentage points for qualifying clean energy investments in energy communities.

Should fossil fuel subsidies be extended?

(It produced about 1.5 billion tons of emissions last year.) Extending any subsidies that aid fossil-fuel producers and plants is understandably distasteful for many in the climate community, given the industry’s role in spreading climate disinformation, attacking scientists, and refusing to address pollution and its health effects.

Should carbon dioxide subsidies be a good idea?

Finally, the subsidies should spur the development of carbon dioxide pipelines and storage facilities that will be necessary to move and reliably sequester growing volumes of carbon dioxide in the coming decades, says Paulina Jaramillo, a professor of engineering and public policy at Carnegie Mellon University.

How much money will be allocated to 48c energy communities?

At least $4 billion of the total $10 billion will be allocated for projects in designated § 48C energy communities —communities with closed coal mines or coal plants as defined in Appendix C of IRS Notice 2023-44.

How much money will a bipartisan infrastructure law invest in electric vehicles?

The Bipartisan Infrastructure Law, CHIPS & Science Act, and Inflation Reduction Act combined will invest more than $135 billion to build America’s electric vehicle future, including critical minerals sourcing and processing and battery manufacturing.