ABO applauds introduction of carbon utilization amendment

[USA] The Algae Biomass Organization, the trade association for the algae industry, applauded an amendment proposed April 12 by U.S. Sen. Sheldon Whitehouse, D-R.I., that would provide tax credit support for carbon capture and utilization technologies that enable the conversion of CO2 into valuable products such as advanced biofuels, animal feed, and chemical ingredients. The proposed language would create a new utilization tax incentive to complement section 45Q of the tax code, which already provides credits for the adoption of carbon capture and sequestration technologies.

Sen. Sheldon Whitehouse
Sen. Sheldon Whitehouse

“We thank Senator Whitehouse for his leadership and recognition that a number of innovative technologies are coming of age that can help the United States achieve substantial, permanent reductions in CO2 while producing valuable commodities.” said Matt Carr, executive director of the ABO. “Carbon utilization technologies are attracting broad congressional support, and common-sense policy like this can play a key role in accelerating how quickly algae and other utilization technologies will improve our energy and economic security.”

CCU technologies, such as algae cultivation, can transform carbon dioxide emissions into valuable products, simultaneously reducing harmful greenhouse gases and providing economic benefits. A number of algae companies across the country are working to commercialize new technology advances that convert concentrated sources of CO2 to renewable fuels, chemicals, fertilizer, plastics and feed ingredients, as well as high-value products such as Omega-3 nutritional supplements, powerful antioxidants, pharmaceuticals and cosmetics.

 

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