Inflation Reduction Act Could Increase Use Of Carbon Capture 13-Fold By 2030: Chart

From MarketWatch, Barron's, "Carbon Capture Is Set to Take Off. These Companies Are Ahead of the Game." by Evie Liu:

Since the IRA was passed last August, there were already dozens of carbon capture projects announced in the U.S.––​including both new facilities and retrofits––and the majority aren’t related to enhanced oil recovery, says [Julio] Friedmann [chief scientist at carbon management firm Carbon Direct]. Collectively, they are expected to reduce CO2 emissions from energy and industrial sectors by 20 million tonnes a year, he estimates.

The Inflation Reduction Act would increase the use of carbon capture 13-fold by 2030, according to the REPEAT Project led by Princeton University’s ZERO Lab. If sufficient investment in transport networks and storage basins can be deployed, the total volume of CO2 captured could reach 200 million tons a year by the end of the decade, according to the report.

The Green Rush
Thanks to their decades of experience in the field and massive capital available to deploy, fossil-fuel companies are some of the largest players in the carbon capture business. Many energy giants––including Exxon Mobil, Chevron, Shell, BP ––have created low-carbon business ventures in recent years, and carbon capture is a key part of their ambitions.

“The fossil fuel industry will be a driving force in carbon capture, because they want to remain viable and competitive,” says Bob Smith, co-chief investment officer of sustainability-focused Sage Advisory Services. Many of these companies are hoping that revenue from low-carbon businesses could one day exceed oil-and-gas sales, and produce even steadier profits.

Metro Area Consumer Price Index Annual Change: Home Prices And Rent A Major Factor: Chart

From The Wall Street Journal, "Americans Escaping Pricey Cities Bring Higher Housing Costs, Inflation With Them: Inflation in some warm-weather metro areas is more than 2 percentage points higher than national rate" by Gabriel T. Rubin

...regional inflation is heavily influenced by home prices and rent costs. The Tampa area has one of the highest inflation rates in the nation, 7.7% in March, according to the Labor Department. But when shelter costs are removed from the index, the Florida metro’s rate was 3.8%—putting it in line with the Minneapolis area, where inflation excluding housing was 3.6%.

Rising housing costs and elevated inflation in growing, warm-weather metros such as Tampa, Phoenix and Atlanta reflect people migrating out of the Northeast and Midwest to the Sunbelt, said Rajeev Dhawan, director of the Economic Forecasting Center at Georgia State University.

***

                                           Chart Source: The Wall Street Journal                                 

Industry Job Gains And Losses Of The First Three Months of 2023: Chart

From The Wall Street Journal, Real Time Economics Email Newsletter curated and edited by Austen Hufford, Greg Ip and Anthony DeBarros, April 7, 2023:

The Winners of the First Three Months of 2023

Some industries have posted big job gains so far this year while others are posting losses. So far in 2023 the biggest gainers are government jobs, restaurants and hotels and health care and social assistance workers. The information sector, which includes many tech jobs, as well as utilities and the finance and insurance sector employed fewer workers this year.

Source: WSJ Real Time Economics Email Newsletter

 

CBO Estimates That Climate Change Will Reduce 2050 US Real GDP By One Percent: CBO Slide Presentation

According to CBO's projections (Slide 6, see below), climate change will reduce US Real GDP by an average .03 percent per year from 2020 to 2050 and result in a cumulative reduction of 1 percent in the level of 2050 US Real GDP.

From March 30, 2023, CBO Presentation, "An Overview of CBO’s Role in Assessing Climate Change" by Joseph Kile, CBO’s Director of Microeconomic Analysis, to The Australian Treasury's Macroeconomic Group:

An Overview of CBO’s Role in Assessing Climate Change from Congressional Budget Office