Tuesday, February 7, 2023
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Ethanol Industry May Get Help From Climate Law

President Biden’s new climate law offers a major expansion in tax credits for companies that capture and store carbon emissions. Reuters says that could give the ethanol industry a significant boost toward achieving its climate goals. The ethanol industry intends to use carbon capture and storage technology to reach its goal of net-zero emissions by 2050. A group of projects that could benefit from the expanded credits is a series of pipeline proposals in the Midwest that could capture and transport ethanol plant emissions. Three companies intend to put up over 3,600 miles of pipelines from ethanol plants in six states to underground carbon storage sites. The three companies say the projects have the potential of capturing up to 39 million tons of carbon every year. That could potentially mean more than $3.3 billion in tax credits for the businesses. The pipelines are currently in the permitting stages in each state.

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