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.