New Wyoming Carbon Capture Project will Eliminate 5 Million Tons of CO2 Per Year
A facility that will pull carbon out of the air and deposit it underground believes new incentives will allow it to do so by the megaton at the end of the decade.
The Project Bison direct air carbon capture machinery is capable of storing 5 million tons of CO2 underground in specially approved wells in Wyoming, and the company believes it makes up the first realistic and scalable business model for carbon capture.
The development is marked by improvements on the ideas of two other flagship projects, the Climeworks’ carbon capture facility in Iceland, and Carbon Engineering’s first large-scale project in Texas, backed by a number of airline companies and Occidental Petroleum, which has a target of 1 million metric tons per year.
President Biden’s Inflation Reduction Act has nothing to do with addressing inflation, nor will it do so in any way. What the bill contains however is strong tax incentives to invest in direct air capture of CO2, such that companies like CarbonCapture managed to raise big money from investors for their Project Bison facility in Wyoming.
In particular, the tax write-off for a ton of carbon stored underground has been raised to $180 from $45.
The Intergovernmental Panel on Climate Change have advised that large-scale removal of carbon from the atmosphere is needed to prevent the severe climate disruptions to society.
Project Bison is slated to be fully-operational by 2023 in a state that has long been a stronghold for fossil fuel industries.
Governor Mark Gordon told Reuters he has plans to make Wyoming a center of these kinds of technologies that can reduce the impact of fossil fuels in the state.
“We’re really trying to get ourselves positioned to be the place of first choice for industry as they emerge with new climate technologies,” he said.