ICYMI: MASSIVE NEW CARBON CAPTURE PROJECT IN LOUISIANA SHOWS INFLATION REDUCTION ACT ALREADY HAVING AN IMPACT
Yet Another Climate Project Launches Thanks to President Biden’s Historic Legislation
In Case You Missed It — A massive new carbon capture project is underway in Louisiana thanks to the Inflation Reduction Act, according to Forbes.
Noting the project is “unprecedented,” in scale and scope, Louisiana Governor John Bel Edwards announced the collaboration between three major energy companies to capture and permanently store up to two million metric tons of carbon emissions annually.
The president of ExxonMobil Low Carbon Solutions said the project is a direct result of the Inflation Reduction Act.
Investments in clean energy have increased rapidly since the Inflation Reduction Act was signed into law, lowering energy costs in the long-run, making America more energy independent, and paving the way for a more sustainable future.
Louisiana Democratic Gov. John Bel Edwards welcomed on Wednesday the announcement of a major new decarbonization collaboration between ExxonMobilXOM, CF Industries and EnLink Midstream focused in his state. Billed by the Governor as an “unprecedented” project in method, scale and scope, it also provides a proof point showing that the incentive provisions contained in the recently-enacted Inflation Reduction Act (IRA) are already having an impact.
Interestingly, Dan Ammann, president of ExxonMobil Low Carbon Solutions, went out of his way to credit the expanded incentive provisions contained in the IRA as having been a factor in enhancing the project’s viability. “This landmark project represents large-scale, real-world progress on the journey to decarbonize the global economy,” said Ammann. “We’re encouraged by the momentum we see building for projects of this kind, thanks to supportive policies such as the Inflation Reduction Act.”
Thus, just two months after its passage, we see the IRA already having an impact in spurring the initiation of decarbonization projects like this one. Love it or hate it, it is what the new law is designed to do, and rest assured that a parade of announcements for similar decarbonization projects will take place in the months and years to come.
About Invest in America
Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.
The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.