19 Jul FUTURE Act Moves America into 21st Century Clean Energy Economy
Washington, D.C. – BPC Action Executive Director Michele Stockwell issued the following statement in support of the Furthering Carbon Capture, Utilization, Technology, Underground Storage, and Reduced Emissions (FUTURE) Act:
“We strongly support the FUTURE Act, sponsored by Sens. Heitkamp (D-ND), Capito (R-WV), Whitehouse (D-RI), Barrasso (R-WY), Kaine (D-VA), and Graham (R-SC), and about two dozen other senators. We are pleased to see the Senate is continuing to work together in an effort to pursue a cleaner energy supply.
“The FUTURE Act highlights bipartisan support for energy innovation. Building on America’s legacy of global technological leadership, the bill allows us to leverage our energy abundance to fuel our economy as we protect the environment and transition to a 21st century clean energy economy.
“Fossil fuels will continue to provide a significant fraction of the world’s energy into the foreseeable future. While global demand for energy continues to grow and deployment of renewable technologies hits record levels, the rise in fossil fuel consumption remains much greater than the increase in renewables in 2016. As nations work to decarbonize their economies, carbon capture is a necessary tool for reducing emissions from the energy and industrial sectors. Moreover, inventing globally transformative technologies leads to equally transformative economic benefits.
“By utilizing performance-based incentives and expanding eligibility for the Section 45Q tax credit, this legislation will stimulate competition and empower businesses to develop the technologies that effectively capture and make productive use of carbon emissions. Further, the certainty provided by this legislation is key, as the scale and time horizons for these types of projects require long-term planning, development, and investment. Together, these elements will provide a foundation for the advancement of this important technology.
“The widespread acceptance that carbon capture, utilization and storage are technological necessities is reflected by the diverse group of stakeholders supporting this bill. The synergy between the economic and environmental benefits of developing these types of innovative energy technologies is essential to our nation’s energy future.”