Gulf Coast moves forward with plans for carbon storage facility development
The Gulf Coast region is poised to become a hub for a carbon storage economy, according to a new study published in Greenhouse Gases: Science and Technology. Funded by the Department of Energy, the research, with the DOI 10.1002/ghg.2082, highlights the suitability of the Gulf Coast for building a carbon storage economy and provides an overview of policy incentives for Carbon Capture and Storage (CCS).
The study, developed by Rice University, suggests that the high concentration of industry and unique offshore geology in Texas and Louisiana make the region particularly suitable for this purpose. The existing CO2 infrastructure along the Gulf Coast could be leveraged and expanded to boost carbon storage outside of enhanced oil recovery.
Advancing carbon capture and storage can help flatten CO2 emissions as lower-carbon energy alternatives mature in the market. CCS can help stop a portion of emissions at the source in the Gulf Coast region, contributing to the fight against climate change. By lowering industrial emissions now, CCS can help while renewable energy sources are being developed.
The Gulf Coast Carbon Center, a research unit of the UT Jackson School of Geosciences and the Bureau of Economic Geology, conducted the research. The paper's co-authors include research scientist associate Alex Bump, principal investigator Susan Hovorka, and program manager Ramón H. Treviño.
Recent developments in Texas indicate a move towards bringing carbon storage under a similar regulatory framework as oil and gas. In May, the Texas General Land Office announced that it was accepting lease proposals for CO2 storage sites in state land offshore of Jefferson County. In June, Gov. Greg Abbott signed into law HB 1284, granting the Texas Railroad Commission the same regulatory authority over CO2 injection wells as it has over oil and gas wells.
The state-owned lands in Texas extend to 10.35 miles offshore instead of the usual 3.45 miles due to a historical act. This extended territory offers ample opportunities for carbon capture and storage.
The falling oil and gas prices and an increasing 45Q federal tax credit are making carbon storage for its own sake more attractive. Texas, with the highest level of emissions of any state, and Louisiana, being second, stand to benefit significantly from the implementation of CCS technology.
In summary, the Gulf Coast region offers a promising landscape for the development of a new carbon storage economy. With the right policy incentives and regulatory frameworks in place, the region could play a crucial role in reducing greenhouse gas emissions and combating climate change.
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