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Yahoo
39 minutes ago
- Yahoo
Carbon capture and storage ‘becoming a practical solution' despite hurdles
Carbon capture and storage (CCS) is no longer just a future concept but is becoming a practical solution helping companies to plan cleaner energy projects and meet climate and sustainability goals, a new report outlines. According to GlobalData's newly published Carbon Capture and Storage report, over 54 commercial-scale carbon capture projects were active in the energy sector globally as of 2024, with that figure expected to rise to upwards of 350 by 2030. It adds that over 80% of carbon capture units around the world, both active and upcoming, are attached to energy assets as the industry seeks to address its emissions. 'Over the past few years, CCS has gained significant momentum across the oil, gas and power sectors, driven by a convergence of technological advancement, policy support and investor demand for decarbonisation,' the report says. 'Companies are increasingly retrofitting facilities with advanced CCS technologies to reduce emissions, while governments in regions such as the US, UK and Norway are backing these efforts through targeted incentives and funding programmes.' Despite this progress, GlobalData notes that the broader carbon capture, utilisation and storage (CCUS) industry still faces economic, regulatory and infrastructure barriers. Chief among these, it asserts, are the high capital and operational costs associated with the technology, relatively limited commercial use for carbon dioxide (CO₂) and a lack of strong market incentives. 'Infrastructure gaps, particularly in CO₂ transport networks and storage facilities, compound the issue, as does the complexity of retrofitting capture systems onto existing industrial emitters,' the report states. 'Regulatory uncertainty, particularly around cross-border CO₂ transport, permitting delays and undefined long-term liability for stored CO₂, further discourage investment, while the fragmented nature of the CCUS value chain makes end-to-end integration difficult.' Other hurdles for CCUS include social acceptance and the technical complexities of the technology. Not only can it be viewed as a tool to prolong fossil fuel use rather than a genuine climate solution, but there is also a lack of public understanding about CCUS. In addition, the report notes that 'challenges around capture efficiency, monitoring of CO₂ storage and also carbon pipelines and the lack of standardised approaches complicate deployment at scale.' "Carbon capture and storage 'becoming a practical solution' despite hurdles" was originally created and published by Energy Monitor, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Biggest Climate Fund Approves Record Allocations as US Withdraws
(Bloomberg) -- The world's biggest climate fund said it approved record allocations for projects in a year when the US pulled $4 billion it had pledged to the organization. Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals Massachusetts to Follow NYC in Making Landlords Pay Broker Fees NYC Commutes Resume After Midtown Bus Terminal Crash Chaos Struggling Downtowns Are Looking to Lure New Crowds What Gothenburg Got Out of Congestion Pricing At a board meeting in Papua New Guinea, the Green Climate Fund green-lighted $1.225 billion for initiatives ranging from reducing the impacts of desertification in Mauritania to developing green bond markets. 'The fund is scaling up its activities in response to the global demands for climate finance,' it said in a statement on Friday. The allocations buck a trend whereby money is becoming scarcer for climate projects. The US, the world's biggest economy and second-biggest producer of climate-warming gases, has withdrawn support for a range of international climate institutions and agreements since Donald Trump's return as president, while European nations are increasingly focusing on defense expenditure. The $18 billion fund said it will invest $227 million in the Global Green Bond Initiative, a venture with the European Investment Bank that's promoting the development of green bond markets in eight African countries, Brazil and Bangladesh. It will also provide $200 million for projects in India, including concessional credit lines and a risk-sharing facility for green-finance projects. Other initiatives range from funding irrigation in Cambodia to building resilience against floods from melting glaciers in Nepal. The Incheon, South Korea-based fund also called for proposals from countries to host regional offices for the institution. The Green Climate Fund was established under a United Nations agreement, with 45 nations contributing to its initial funding. Sign up here for the twice-weekly Next Africa newsletter, and subscribe to the Next Africa podcast on Apple, Spotify or anywhere you listen. SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too America's Top Consumer-Sentiment Economist Is Worried For Brazil's Criminals, Coffee Beans Are the Target How to Steal a House China's Homegrown Jewelry Superstar ©2025 Bloomberg L.P.
New York Post
an hour ago
- New York Post
Bettors sound alarm over $1.1B tax hike in Trump's Big Beautiful Bill: ‘This will kill professional gambling'
Gamblers sounded the alarm over a new provision in President Donald Trump's recently passed spending bill that imposes a $1.1 billion tax increase by limiting the deductibility of gambling losses. The change, buried in the Senate GOP's version of the sweeping 'Big Beautiful Bill,' will cut their net winnings and potentially charge income tax when they break even or lose money, according to Bloomberg. Under current law, gamblers are allowed to deduct 100% of their losses, up to the amount of their gambling winnings. But the final version of the legislation — set to be signed by Trump during a White House ceremony Friday — modifies that rule. Advertisement 4 A provision tucked into President Trump's Big Beautiful Bill will raise taxes on winnings earned from gambling. AP Beginning in 2026, only 90% of losses will be deductible, meaning some gamblers could owe taxes even when they break even or incur a net loss. 'I've spoken to many clients and they're very concerned,' Zachary Zimbile, an accountant with experience in gambling regulations, told Bloomberg. 'If you add a 10% penalty, it's going to eat into a lot of their profit.' Advertisement Examples included in the legislation show the potential consequences. Under the current system, a gambler who wins $100,000 and loses $100,000 would report zero taxable income. Under the new rule, that same gambler would owe taxes on $10,000. Similarly, someone who wins $500,000 and loses $500,000 — breaking even — would owe taxes of $50,000. Even in cases where losses exceed winnings, taxes would still be owed. Advertisement A gambler who wins $200,000 and loses $210,000 would owe taxes on $11,000, because the deduction for losses would be capped at $180,000. 4 The GOP-led House of Representatives approved a final version of the spending bill on Thursday. AFP via Getty Images The change sparked significant pushback from gamblers, particularly professionals who regularly handle large volumes of both wins and losses. Phil Galfond, a professional poker player who has racked up nearly $3 million in live tournament winnings, wrote on X: 'You would make $200,000 during the year, [but] you would pay tax as if you made $700,000.' Advertisement Rufus Peabody, a professional sports bettor, highlighted the impact of the new tax provision on social media, explaining that it 'hits the losers too.' 'Someone can lose money gambling, and still owe taxes on it,' Peabody wrote on X. Doug Polk, who has won more than $10 million in live poker tournaments, wrote that the gambling provision 'will kill professional gambling. This will negatively impact THOUSANDS.' 4 President Trump is expected to sign the bill into law on Friday. Getty Images 'If you care about poker now is the time to get this out to every single corner of the internet,' Polk wrote on his X account. 'This has been snuck into the bill and if it passes tens of thousands of people will instantly lose their careers.' While professional gamblers are likely to feel the brunt of the new rule due to the scale of their activity, amateurs with high-volume play could also be affected in years when they have significant wins and losses. The US gambling industry has seen substantial growth in recent years, boosted by the expansion of online platforms and the popularity of regulated betting services. Companies such as FanDuel and DraftKings have helped drive the surge. Advertisement According to the American Gaming Association, commercial gaming revenue in the US reached nearly $72 billion in 2024, marking the fourth consecutive record-breaking year. 4 The new legislation will limit deductions for gambling losses to 90% of winnings, starting in the 2026 tax year. Studio Romantic – 'We commend congressional leaders on the passage of the One Big Beautiful Bill Act,' the American Gaming Association said in a statement provided to The Post. 'Our industry's ability to sustain quality jobs and deliver economic benefits is significantly enhanced by the tax policies of OBBBA that support consumers, encourage business innovation and investment, and strengthen US competitiveness.' Advertisement The AGA said that 'we look forward to President Trump's expected signing and will work closely with Congress in the coming months to address the changes to wagering deduction losses and further modernize the tax code.' The Post has sought comment from the White House and DraftKings. A spokesperson for FanDuel declined to comment.
