There’s a facility that has the ability to remove carbon from the air and place it underground called the Project Bison. And with their new incentives, it will now be able to do that by the megaton by the end of the decade, they say.
At the moment, the Project Bison machinery which captures directly via air can store 5 million tons of CO2 underground in specific approved wells in Wyoming state. And the company claims that they are the ‘first realistic and scalable business model for carbon capture.’
Meanwhile, this new development has been made possible via improvements on their original idea from two other flagship projects. These are the Carbon Engineering’s, whose tagline is “We believe humanity can solve climate change,” first large-scale project in Texas, which is Climeworks’ carbon capture facility in Iceland. These developments have also been backed up by a number of airline companies, as well as Occidental Petroleum, which has targeted 1 million metric tons of carbon per year.
With President Biden’s current Inflation Reduction Act, which has major tax incentives for those that invest in direct CO2 air capture, companies just like CarbonCapture have managed to raise a ton of money from a variety of investors precisely for the Project Bison facility located in Wyoming.
One example is the tax write-off, which was raised from $45 to $180 for storing a ton of carbon underground.
Moreover, the Intergovernmental Panel on Climate Change has also said that ‘to prevent the severe climate disruptions to society,’ there needs to be large-scale carbon removal from the atmosphere.
The Project Bison is set to be fully-operational by 2023, and in a state that is well-known because of its fossil fuel industries at that.
According to Governor Mark Gordon, who told Reuters, he hopes to make Wyoming in particular a state that has these particular types of technologies which can aid in the reduction of fossil fuels in the state.
He shared, “We’re really trying to get ourselves positioned to be the place of first choice for industry as they emerge with new climate technologies.”
What are your thoughts? Please comment below and share this news!
True Activist / Report a typo