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Protecting Nature by Reforming Environmentally Harmful Subsidies: An Update

This report updates our 2022 analysis on environmentally harmful subsidies (EHS). The Kunming-Montreal Global Biodiversity Framework (GBF) was adopted in December 2022 to protect and restore nature. The GBF included Target 18, the first quantitative EHS reduction goal, which commits parties to reduce EHS by $500 billion annually by 2030.  The Biodiversity Beyond National Jurisdiction (BBNJ) Agreement, or the “High Seas Treaty”, was passed in 2023 and now has 92 signatories (though far fewer ratifications).

Guardrails on 45Q Reduce Costs and Improve Targeting

Chapter 45Q provides large tax credits for carbon capture, utilization and storage (CCUS). Unlike budgetary spending, these credits are uncapped and the costs to taxpayers in terms of lost federal tax revenues appears to have been greatly underestimated. Not only is the government’s financial exposure uncapped, but compliance with statutory rules is self-reported, and because tax returns are confidential under federal law (26 USC §6103), only the IRS is legally entitled to know the identities of claimants and the amounts of their claims.

Plastic Money: Turning Off the Subsidies Tap

This interim report represents the first comprehensive attempt to identify and quantify subsidies received by the primary plastics polymer (PPP) production industry. The report specifically examines the stages of production from the processing of raw plastic materials—such as steam cracking of naphtha, isolation of alkenes from raw natural gas, and coal gasification—through to the production of basic resins and the compounding and extrusion of plastic pellets.

Funding Failure: Carbon Capture and Fossil Hydrogen Subsidies Exposed

Despite 50 years of development and an estimated USD 83 billion in investments since the 1990s, carbon capture has failed to make a dent in carbon emissions. Carbon capture projects consistently fail, overspend, or underperform. In the United States, where most carbon capture projects operate with the help of major federal subsidies, 80% of projects fail due to technical issues, over expenditure, and a lack of financial investment returns. Even if carbon capture functioned as planned, the projects currently operating globally would only capture 0.1% of global emissions.