Over regulation of drilling rules has created a chilling effect on CCS investment and in light of this, a regulatory exemption regarding a specific portion of the Safe Drinking Water Act’s Underground Injection Control (UIC) rules would likely guarantee new demand for drilling permits.
Reducing Regulatory Barriers to Carbon Capture Investment
- 1) The technology to dramatically lower global warming risks already exists, but regulatory barriers created by the EPA significantly undermine the roll-out of these technologies.
- 2) CCS technology has been working in the field since the early 1970s, but it lacks a clear path to deployment.
- 3) By the end of 2018, there were 23 large-scale CCS facilities in operations or under construction around the world. However, Royal Dutch Shell estimates the world will need 10,000 such facilities by 2070 to properly contain the emissions threat.