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International competition over energy investments on the path towards net-zero: a comparative study of EU and US support for CCUS

In: A Research Agenda for International Energy Law

Author

Listed:
  • Kim Talus
  • Tade Oyewunmi

Abstract

Countries have committed to drastically reduce their greenhouse gas emissions and net-zero dates are being set. These reductions require substantial investments in energy markets and energy technologies. As a consequence, international competition over energy investments is intensifying. In a competition to attract sustainable energy investments in their respective territories, the US enacted the bipartisan Infrastructure Investment and Jobs Act 2021, which among other things provided for grants and programs to boost investments in carbon capture and storage pilot projects and net-zero technologies. In addition, the US enacted the Inflation Reduction Act (IRA) in 2022, providing for tax credits and subsidies for investments in clean energy technologies and bonuses for firms that incorporate domestic manufacturing and labor content in the process. Consequently, the EU responded in 2022 with new legislation enacted and more proposed. This chapter will discuss the competition between the US and the EU by using carbon capture, utilization, and storage (CCUS) related investments as an example. It will examine and discuss IRA generally and specifically in the context of US government support for CCUS. Thereafter, the chapter will examine the EU response to the IRA, the framework for state aid for CCUS technology and projects, and the new industrial framework for critical technologies such as CCUS.

Suggested Citation

  • Kim Talus & Tade Oyewunmi, 2024. "International competition over energy investments on the path towards net-zero: a comparative study of EU and US support for CCUS," Chapters, in: A Research Agenda for International Energy Law, chapter 5, pages 85-112, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21647_5
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    File URL: https://www.elgaronline.com/doi/10.4337/9781803924960.00010
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