Larry Summers, former US Treasury Secretary under President Barack Obama, was recently interviewed for a Harvard Institute of Politics forum at Boston Globe’s Summit of the Globe, where he describe the Biden administration’s policy of not building new pipelines, which would “allow access to more resources and cheaper, more secure transmission,” as “a bit crazy.” The former Obama official is absolutely right. In his continual attacks on fossil fuels, President Joe Biden is leading the United States on the same path as Europe.
This is the path that has led to historic spikes in energy prices with the resulting protests. The iconic Eiffel Tower in Paris now turns off its lights an hour earlier to save electricity, and President Emmanuel Macron recently called to the French to prepare for “energy sobriety”.
Moreover, Europe has jeopardized its economic future and national security due to an over-reliance on renewable energy and a reliance on powers such as Russia for imports of natural gas. While improving the environment is a noble goal and a practical imperative, following in Europe’s energy footsteps will have disastrous consequences for the United States, which has vast hydrocarbon deposits. Not only would this drive up energy prices, but it would also stifle the lifeblood of the Texas economy and have devastating effects for hundreds of thousands of Texas families.
Fortunately, preserving our environment and our economic and national security is not an “either or” choice as some would have you believe. Through investments in carbon capture technologies, which would help create a cleaner environment, we can help the fossil fuel industry improve the environment and create new economic opportunities. Through the process of using and storing carbon capture, the CO2 is captured and compressed into a concentrated stream. The CO2 is then used for value or injected into the ground to provide safe and permanent long-term storage that enhances our economic and national security.
Energy companies can continue to operate while expanding into other sectors of the economy. Additionally, it would create a new market for landowners, mineral owners and the agricultural industry who could offer their considerable acreage to store carbon in exchange for a royalty.
Eliminating fossil fuels is neither feasible nor realistic. The Texas energy industry, which plays a major role in American energy independence, must be maintained. And just as we have always done when it comes to energy, the Lone Star State must lead the way.
Investing in carbon capture is expensive. This is why the State of Texas should allow economic incentives such as tax credits or property tax reductions that support carbon capture projects. Moreover, recent vote led by the Carbon Neutral Coalition shows that 71% of Texans support efforts to capture, use and store carbon.
To meet our future energy demands, our federal and state partners must work with the energy sector and leverage our fossil fuel supply to create an affordable, reliable, and carbon-neutral energy future.
Carbon capture, without banning fossil fuels, is the way forward. By enabling industries and the market to advance the large-scale commercial deployment of carbon capture and storage efforts, we can eliminate harmful carbon dioxide emissions and maintain the Lone Star State as the energy capital of the world. .
Susan Combs is the former Comptroller of Texas and Chair of the Advisory Board of Carbon Neutral Coalition. She wrote this for The Dallas Morning News.
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