One promising solution to climate change is Carbon Capture, Utilization and Storage (“CCUS”). CCUS involves capturing carbon oxides, primarily carbon dioxide (CO2), for permanent storage or potential utilization. Interest in CCUS increased after the Inflation Reduction Act (“IRA”) revamped Section 45Q of the US Tax Code to expand tax
Carbon capture and sequestration (CCS) is a highly effective means of reducing carbon dioxide (CO₂) emissions and mitigating climate change. This process, which has been utilized for decades, involves capturing CO₂ from sources like natural gas-fired power plants and then transporting it to underground storage facilities. The captured CO₂ is stored or sequestered in pore spaces of subsurface formations. A “pore space” in this context is typically defined as a subsurface cavity or void, whether naturally or artificially created, that can be used as a storage space CO₂.