CarbonCure Statement on U.S. Congress’ Passage of the Inflation Reduction Act
August 12, 2022, Halifax, NS — CarbonCure Technologies Chair and CEO Robert Niven issued the following statement about Congressional passage of the United States’ Inflation Reduction Act:
“The Inflation Reduction Act is momentous legislation that will bring the U.S. closer to its climate goals than any other previous climate and energy policy. This historic policy package includes major funding for programs, tools and innovations needed to accelerate our energy transition, decarbonize concrete and other hard-to-abate sectors and prevent the worst impacts of climate change.
The bill’s extension and modification of the 45Q tax credit will make its benefits applicable to a much broader range of carbon removal and storage and carbon utilization pathways, helping to catalyze innovation and grow the voluntary carbon market’s supply of high-quality carbon removal credits.
The legislation also includes major investments to encourage low carbon buildings and construction, including $250 million for environmental product declarations assistance and more than $4 billion total to specify low-embodied carbon materials for federal buildings and transportation projects. This important Congressional action builds on the recent Buy Clean policy, leveraging the massive purchasing power of the federal government to accelerate the industry’s transition to sustainable building materials and construction practices.
The Intergovernmental Panel on Climate Change made it clear: We need to drastically reduce global carbon emissions while also removing a massive amount of legacy emissions from our atmosphere. This legislation will ensure the U.S. can make major progress on both.
With our carbon mineralization systems installed from coast to coast, operating in hundreds of concrete plants across the U.S., we look forward to collaborating with our many partners - including concrete producers; architects, engineers and contractors; carbon credit buyers, and building owners - to utilize the full range of benefits of the Inflation Reduction Act and contribute to our global climate solution.”
About CarbonCure Technologies
CarbonCure Technologies, a fast-growing carbon dioxide removal tech company, offers a suite of technologies that permanently store captured CO₂ in concrete through carbon mineralization. With more than 650 systems sold across the global concrete industry and a methodology verified by Verra, CarbonCure’s technologies currently save from the atmosphere thousands of metric tons of CO₂ each month—with significant growth and impact, year-over-year. CarbonCure’s cutting-edge research and innovation have garnered global recognition and prestigious titles, most notably Carbon XPRIZE Grand Prize Winner, 2022 CNBC Disruptor 50 List Company and Cleantech 100 Hall of Fame Company. CarbonCure’s investors include Breakthrough Energy Ventures, Amazon, BDC Capital, Microsoft, Carbon Direct, and Mitsubishi Corporation.