This analysis explores the oil production, carbon emissions, and taxpayer cost implications of the proposed changes to Section 45Q in the U.S. tax code in S.1535 and H.R.3761.
Communities in Houston, Florida, Louisiana, Puerto Rico, and California are just beginning the long road to recovery from disasters made worse by climate change. It would seem downright irresponsible to increase taxpayer handouts to spur fossil fuel production at a time like this. But that’s exactly what’s being proposed in Washington.
Despite being responsible for close to 3% of global greenhouse gas emissions, the shipping sector remains outside of the UN Paris Climate Agreement.