“Coal will continue to fuel the nation and this bill will help coal move into a new era of production. Carbon sequestration could provide endless possibilities for Wyoming coal and decrease our dependence on foreign oil,” Enzi said.
The senators explained through a press release that carbon capture and storage (CCS) will be a key component of both U.S. and international policy to reduce global emissions of carbon dioxide while allowing for the continued use of coal. The commercial viability of CCS will require further advancement of the technology as well as a thoughtful approach to addressing issues such as long-term liability of carbon storage.
The purpose of their legislation is to create a program for managing the financial risk, or liability, of the long-term storage of CO2. This program will offer the private sector with a framework for how legal and financial responsibilities for commercial carbon storage operations will be addressed. Moreover, it will provide a strong incentive to industry to manage and reduce risk by deploying carbon sequestration in the safest possible manner.
A liability framework is needed to encourage firms to invest in CCS, without relieving them for the responsibility of ensuring that best practices are followed. The legislative intent is to promote the commercial deployment of CCS through the creation of a carbon storage liability trust fund and the sharing of liability between the private sector and the federal government.
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