STATEMENT: US Bipartisan Carbon Dioxide Removal Investment Act Levels the Playing Field for Carbon Removal Scale-Up

STATEMENT: US Bipartisan Carbon Dioxide Removal Investment Act Levels the Playing Field for Carbon Removal Scale-Up

Washington, DC (November 21, 2024) - Today in the U.S. Senate, Senators Michael Bennet (D-CO) and Lisa Murkowski (R-AK) introduced the bipartisan "Carbon Dioxide Removal Investment Act." The bill would provide a technology-neutral tax credit to support deployment of eligible carbon dioxide removal approaches. It would be open to any approach that meets eligibility criteria, including safeguards for biomass and marine carbon removal approaches. Tax credits would be provided based on lifecycle carbon accounting to only credit net tons removed.

Following is a statement by Christina DeConcini, Director of Government Affairs, World Resources Institute:

"The Carbon Dioxide Removal Investment Act is an important policy lever that will help the U.S. further develop and deploy a diverse suite of carbon removal technologies - a necessary component of meeting our national and global climate goals alongside deep and rapid emissions reductions.

"Through technology-neutral support that doesn't pick winners, this bill creates a level playing field that will advance innovations best able to provide climate impact while creating jobs and maintaining U.S. leadership in the carbon removal sector.

"This bill demonstrates the established bipartisan support for carbon removal, and we encourage other members of Congress to join Senators Bennet and Murkowski in advancing this policy."