By Matt Abel, VP of Policy If Texas wants to continue leading on energy, we have to embrace innovation.
By 2050, global energy demand is expected to grow by 50 percent. So how can Texas meet the rising energy demand while also being a leader in energy innovation? The answer is simple – carbon capture and storage (CCS).
CCS is safe and proven with a 50-year track record. This technology works by capturing carbon dioxide (CO2) emissions before it reaches the atmosphere, safely securing geological formations where it can be permanently stored deep underground. Energy experts are collectively evaluating and advancing CCS applications that can capture and store up to 50 million metric tons of CO2 per year by 2030.
Texas has become an international hub for CCS large-scale investment. This year alone, Occidental started construction on what will be the world’s largest direct air capture facility; Chevron expanded the Bayou Bend CCS project to cover over 140,000 acres; and Honeywell announced there will be CCS technology at ExxonMobil and Linde plants. Earlier this month, the U.S. Department of Energy chose Oxy’s direct air capture project on King Ranch as one of two projects to receive up to $1.2 billion in grants from a fund established by the Bipartisan Infrastructure Law.
As the Energy Capital of the World, no one is better positioned to be a leader in CCS technology than Texas. Our state offers the unique combination of having a highly skilled workforce, existing facilities that are optimal for capturing CO2 at scale, and access to some of the best geology in the world for safely storing CO2 emissions.
Studies show that if we embrace CCS, we can create upwards of 18,000 well-paying jobs annually over a 15-year period, stimulate investments into locally-owned businesses and provide valuable tax revenue that state and local communities need to support education and other public services.
But before Texas can take full advantage of CCS, it’s important that our state legislators and state agencies work to develop the framework needed to scale this technology to ensure we don’t fall behind neighboring states like Louisiana.
Additionally, CCS development could take a leap forward if the U.S. Environmental Protection Agency (EPA) approves the Texas Railroad Commission’s application for a process called Class VI Well Primacy, which would give the State of Texas primary oversight of injection wells utilized to safely store CO2.
Should Texas be granted state primacy from the EPA, it would significantly improve the efficiency of the permitting process for carbon sequestration wells while still ensuring the highest safety standards set by the federal government are being met.
As we look into the future, CCS development can cement Texas’ role as a low-carbon energy and manufacturing hub for generations to come. For us to take full advantage of it, the business community, elected officials and Texans alike must embrace this opportunity for energy innovation today.
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