Finance Minister Chrystia Freeland says a major federal tax credit to help build carbon capture projects is almost in place, and she wants to see quick progress on the project promised by Canada's biggest oilsands firms.
The government promised a tax credit for carbon capture and storage in 2021 but the legislation to enact didn't come until last fall.
That legislation is in the second-last stage in the Senate and Freeland says it should be law soon.
Derek Evans, the executive chair of the Pathways Alliance group of oilsands companies, said in May the group couldn't start on its $16.5-billion project until it had fiscal certainty.
Freeland says that certainty is nearly there, and she now wants to see "shovels in the ground."
The Pathways carbon capture project is a big piece of Canada's plan to reach its greenhouse gas emissions targets by 2030.
This report by The Canadian Press was first published June 11, 2024.
Comments
I find it hard to believe that Just Trudeau's Liberals and Freeland are falling for the Carbon Capture greenwashing projects by the oil & gas industry. Why does an industry if serious about carbon capture, with record profits need yet another subsidy to get the industry off their greenwashing butts?
Not even one cent should be given to the oilsands firms, until they have shown undeniable proof of making a real effort to build these facilities and that verifiable proof their greenwashing solution actually works. Studies in the EU have shown so far carbon capture has fallen short of delivering. A IEEFA study determined that 13 flagship projects found 10 of the 13 failed or underperformed based on design expectations.
https://ieefa.org/resources/carbon-capture-crux-lessons-learned