Editorial: Saving the planet can make Big Oil richer. Ask Energy Sec. Granholm.
For a wind or solar project that’s in a disadvantaged area, uses domestic content, and apprenticeships for installation, she said a company could qualify for up to a 70 percent tax credit.“I’m finding that they’re not aware of it,” she responded.
“The incentives for clean energy are irresistible,” she told us. “And for a company, any company, that is looking at their bottom line as a profitable business to not take advantage of this moment? You know, their shareholders might raise their eyebrows and say 'why aren’t we?’”Big Oil is already going after federal incentives for technologies that reduce greenhouse gas emissions without eliminating fossil fuels.
subsidies are central to the economics behind their planned carbon capture plant in East Texas, though he said a final investment decision depends on an accelerated permitting process for deep injection wells.procedurally impossible Granholm said that passing the permitting reform proposed by Sen. Joe Manchin is key to moving both fossil fuel and alternative energy projects forward, and that President Biden remains supportive of getting that done. She stressed that"you can permit something in a much shorter period of time, and still consistently support the goals of protecting the environment.
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