Democrats are close to finalizing a plan supported by U.S. Senator Joe Manchin that would boost tax credits for power plants that capture carbon, as the White House courts him to pass a multi-trillion spending plan, two sources said.
The carbon sequestration tax credit, which rewards industries for installing equipment to capture carbon dioxide emissions and store them underground, is a crucial part of the "Build Back Better" bill being crafted in Congress, which aims to tackle the impacts of climate change by pushing companies to curb greenhouse gases.
The Clean Energy Payment Program would reward utilities who add more clean energy capacity like solar and wind power, and fine those who do not. The two initiatives are intertwined – both politically and commercially – and negotiators and observers say nearing an agreement on the tax credits is a good sign.
Negotiators are considering a number of ideas, such as lowering the target increase to 3% or adjusting other "dials" to make it easier for power companies to comply. Critics say Manchin is protecting the coal and natural gas industry that are economic drivers in his home state, and benefit his family. Manchin founded the private coal brokerage Enersystems in 1988 and still owns a big stake in the company, which his son currently runs.
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