S. 2602 would authorize appropriations for the Environmental Protection Agency (EPA) to support the research and development of advanced technologies to capture carbon dioxide (CO2) from the atmosphere so that it may be permanently stored or used within commercial products or processes. Under the bill, infrastructure projects that capture CO2 would qualify for certain expedited review and permitting procedures. Finally, the bill would require the Council on Environmental Quality (CEQ) to facilitate the expansion of CO2 storage projects and infrastructure.
Using information from EPA and CEQ, CBO estimates that implementing S. 2602 would cost $73 million over the next five years, assuming appropriation of the authorized and necessary amounts.
Enacting S. 2602 would not affect direct spending or revenues; therefore, pay-as-you-go procedures do not apply.
CBO estimates that enacting S. 2602 would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2029.
S. 2602 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act.