The New York Times Quotes Greg Jenner Regarding Use of Private Activity Bonds to Finance Carbon Capture and Storage

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Stoel Rives attorney Gregory Jenner was quoted in The New York Times in an article titled “Senators Revive Financing Tactic From ’70s for Carbon Emissions.” The article discusses an effort by two U.S. Senators to fund projects for capturing and storing carbon emissions from industrial operations with a bill that revisits an idea used in the 1970s and 1980s to help clean up air pollution—funding the development with tax-exempt private activity bonds.

The capture of carbon dioxide has been performed by oil, gas and other industrial producers for decades. There is a market for it in oil fields, where it is injected underground to enhance the extraction of petroleum and then stored. But only a small number of large-scale carbon capture and storage projects exist in the world, partly because of the difficulty and cost in building them. Many more will be needed to meet global climate goals, and the bill would allow the projects to be financed with the bonds, which are municipal securities whose proceeds are used by one or more private entities.

Jenner sounds a cautionary note—that state limits on bond issues each year could limit other projects from proceeding. “By opening up a broader world for private activity bonds, you squeeze out other projects,” he said.

Read “Senators Revive Financing Tactic From ’70s for Carbon Emissions,” published November 18, 2015.

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