SC Alaska News

U.S. Senators Lisa Murkowski and Michael Bennet have introduced the Carbon Dioxide Removal Investment Act, aiming to establish a production tax credit to boost the carbon dioxide removal (CDR) industry in the United States. The initiative is designed to support both existing and developing CDR technologies.

Senator Murkowski highlighted Alaska's potential in this field, stating, "Alaska possesses unique characteristics that make it a perfect candidate to be a national leader in carbon dioxide removal." Senator Bennet emphasized the need for such measures due to climate challenges faced by Colorado, noting, "The Carbon Dioxide Removal Investment Act puts American innovation at the heart of our fight against climate change."

The National Academies have indicated that by 2050, an annual removal of 10 billion tons of carbon dioxide will be necessary globally, with 1-2 billion tons required from the U.S. alone. Reports from the Energy Futures Initiative Foundation and Rhodium Group stress CDR's importance in achieving climate goals and recommend tax credits as vital policy tools.

Michele Stockwell from BPC Action expressed support for the bill: “BPC Action applauds Sens. Bennet (D-CO) and Murkowski (R-AK) for introducing the Carbon Dioxide Removal Investment Act.” Giana Amador from Carbon Removal Alliance also backed the initiative: "This tax credit for carbon removal will allow innovative American companies working to permanently remove carbon pollution from our atmosphere to access critical incentives."

Shannon Heyck-Williams of the National Wildlife Federation praised the legislation for encouraging solutions that benefit both people and wildlife. Christina DeConcini from World Resources Institute described it as a crucial policy lever supporting diverse carbon removal technologies.

Jeremy Harrell of ClearPath Action commended Senators Murkowski and Bennet’s efforts, while Colorado Governor Jared Polis acknowledged Colorado's leadership role in clean air initiatives and expressed appreciation for bipartisan leadership on this issue.

Will Toor of Colorado Energy Office noted federal policy support as essential alongside state-level actions: “We know that federal policy support is essential. That is why we are so excited about this bipartisan legislation.”

Ernest J. Moniz, former Secretary of Energy, stressed that reaching a clean economy requires unprecedented scale in CDR methods supported by sustained tax credits.

In previous engagements related to CDR policies, Senator Bennet has participated in discussions with various organizations including EESI and BPC Action.