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Exxon Touts Carbon Capture as a Climate Fix, but Uses It to Maximize Profit and Keep Oil Flowing

Kusnetz, Nicholas
http://insideclimatenews.org/news/25092020/exxon-carbon-capture

Publisher:  Inside Climate News
Date Written:  27/09/2020
Year Published:  2020  
Resource Type:  Article

A discussion of ExxonMobil's promotion of carbon capture.

Abstract: 
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Excerpt

Exxon may have another motivation for lobbying to reduce the monitoring required to claim the tax credit. In April, the Treasury Department's inspector general said in a memo that the IRS had been conducting audits of a handful of companies that had claimed nearly all the credits so far. Out of the nearly $900 million that had been claimed without the submission of monitoring plans, the memo said, the IRS had "disallowed" credits worth $531 million claimed by four taxpayers, and had audits open on another three companies.

Exxon did not submit an EPA monitoring plan until 2018, and even then, the plan covered only a small portion of the CO2 it captured at the Wyoming facility. Waltzer, of the Clean AIr Task Force, speculated that the lobbying by Exxon may be driven by an effort to bolster a legal argument to hold on to any credits the company may have already claimed.

"I would say that efforts is more about immediate balance sheets than anything else," he said.

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