tax credits
Fewer electric vehicles will qualify for U.S. tax credits in 2024
California county's plan to utilize federal funds for carbon capture raises concerns
Kern County, California, aims to harness federal tax credits to build facilities that produce and store carbon dioxide, a move critics view as counterproductive to tackling climate change.
In short:
- Kern County proposes building facilities to create and bury carbon dioxide using federal tax incentives.
- Critics argue that this plan paradoxically leads to more carbon production, with oil companies benefiting financially.
- The primary goal is to sustain the local economy as oil production declines.
Key quote:
Kern’s carbon park has "no purpose except to keep the oil and gas companies in business."
— Mark Jacobson, Stanford University engineering professor
Why this matters:
The plan's focus on producing more carbon to utilize sequestration tax credits challenges traditional approaches to reducing greenhouse gases. How do you think local economies dependent on fossil fuels should transition to sustainable practices without compromising their financial stability?
Californians living within miles of oil and gas wells have toxic air
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Fear of Chinese dominance looms over Biden Treasury Department’s next rule on electric car tax credits
Guidance from the Treasury Department will spell out how hard a line the U.S. is drawing against electric vehicles with battery parts or minerals sourced from China.
Robinson Meyer: The climate fight will be won in the appliance aisle
Flush with the promise of tax credits, clean energy projects are booming in Texas
In the year since the Inflation Reduction Act became law, private investment in wind power, battery storage and other renewable energy ventures has significantly expanded. Analysts suggest that the act’s 10-year tax incentives are seeding confidence in the sector’s stability.
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Copyright: JuanRoballo |