Select Carbon partners with farmers and other landowners to develop carbon farming projects throughout Australia which aim to reduce emissions and capture CO2 while benefiting biodiversity and local communities. Carbon credits generated through Select Carbon's projects are offered through the Australian government's Emissions Reduction Fund and other markets, creating an additional revenue stream for farmers and landowners, according to the Shell release.
Select Carbon has to date developed and manages a portfolio of over 70 projects covering 9 million hectares across various ecosystems and agricultural uses in Australia, according to the Shell release.
The acquisition of Select Carbon is subject to Australian regulatory approvals and expected to close before the year end. (Source: Shell Australia, S&P, 3 Aug., 2020) Contact: Shell Australia, +61 8 9338 6600, www.shell.com.au; Select Carbon, +61 414 334 170, www.selectcarbon.com
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Neither of these new credits is subject to a limitation on the number of metric tons of qualified carbon oxide captured. The new law also expanded carbon capture to include "qualified carbon oxide". Prior to the change in law, carbon capture was limited to a total of 75,000,000 metric tons of qualified carbon oxide.
The proposed regulations address procedures to determine adequate security measures for the geological storage of qualified carbon oxide, exceptions to the general rule for determining who the credit is attributable to, procedures for a taxpayer to make an election to allow third-party taxpayers to claim the credit, standards for measuring utilization of qualified carbon oxide and rules for credit recapture.
In Notice 2020-12, the IRS provides guidance to help businesses determine when construction has begun on a qualified facility or on carbon capture equipment that may be eligible for the carbon capture credit. This notice provides broad guidance in lieu of taxpayers requesting private letter rulings in this area.
In Revenue Procedure 2020-12, the IRS creates a safe harbor for the allocation rules for carbon capture partnerships similar to the safe harbors developed for partnerships receiving the wind energy production tax credit and the rehabilitation credit. The safe harbor simplifies the application of carbon capture credit rules to partnerships able to claim the credit. (Source: US IRS, US Treasury Dept., MyChesCo, 30 May, 2020)
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As we previously reported, Heathrow's four-part action plan to reduce and offset the growth in emissions builds on the momentum of technological change within the aviation industry to make travel more sustainable. The plan outlines action on four key areas including: cleaner aircraft performance and technology; improvements to airspace and ground operations; increased use of sustainable aviation fuels; and developing and promoting new carbon offsetting technologies and options. Additionally, Heathrow is calling on the ICAO -- the UN body for international aviation -- to develop global goals for the uptake of sustainable alternative fuels, and calling for the UK Government to engage ICAO and fellow member states to agree on a 2050 carbon emissions reduction goal for international aviation
Other UK airports and airlines have committed to bring UK aviation to net-zero status by 2050 -- Gatwick Airport claimed carbon neutrality through renewable energy and offsets in 2018 and Birmingham Airport has committed to net-zero by 2033. (Source: Heathrow Airport, PR Feb 21, 2020) Contact: Heathrow Airport, John Holland-Kaye, CEO, +44 0 8443 351801, www.heathrow.com
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