Proponents of carbon capture and storage technology say 2050 is a more important target than 2030 when it comes to reducing emissions.
Alberta's new climate plan drew criticism this week for its lack of interim emissions reduction targets, but proponents of carbon capture and storage technology say it's important to be realistic about how quickly major projects can be deployed.
There are currently more than 50 proposed carbon capture and storage projects in various stages of development by industry across the country. The vast majority of those are proposed to be located in Alberta, home to Canada's oil and gas sector and the country's heaviest-emitting province. "The question is, how fast do you want us to go?" said MEG Energy Corp. CEO Derek Evans at an oil and gas industry conference in Toronto earlier this month.
"Do you want me to jam that through that knothole in that time frame? Or if we're making progress on that, is that the key?" Evans asked. But he pointed out that Canada doesn't have a history of building large infrastructure projects quickly, which may mean that making progress towards a 2050 goal is more important than a 2030 target. The industry is still waiting for more policy certainty from the federal government around future carbon pricing, and there are also concerns around how long the regulatory and permitting process could take for some of these projects.
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