US Government Seeks Input on Credit for Carbon Sequestration

[By: WOC]

WOC Invites Ocean CO2 Removal Enterprises/Ocean Business Community to Provide Feedback on US Carbon Credit Developments
The United States Department of the Treasury and the Internal Revenue Service (IRS) are seeking public input regarding Notice 2022-57 - Credit for Carbon Oxide Sequestration (45Q).

There is an opportunity for Ocean CO2 removal (Ocean CDR) enterprises and the ocean business community more broadly to increase the visibility of Ocean CDR and its potential for significant carbon sequestration by providing comments.

This input could help raise the profile of Ocean CDR — for example, to be considered as “other facilities” and as specific or emerging technologies.

The World Ocean Council (WOC) is gathering feedback to help ensure that the Ocean CDR business community has a voice and that emerging Ocean CDR technologies are considered. This is an important opportunity to provide feedback on both the scope of the tax incentive and how it is implemented.