Canada is struggling to get a key tool in place for major carbon capture and storage (CCS) projects, said a representative of one of the largest such ventures, as the country seeks to launch incentives vital to cutting emissions from Alberta's oil sands. A government fund has told the Pathways Alliance, comprised of the six largest oil and gas producers in Canada, that their project is too large and too risky for a contract for difference, a tool which would lock in future carbon credit prices, the representative told Reuters.
FILE PHOTO: A tailings pond at the Suncor tar sands mining operations near Fort McMurray.OTTAWA - Canada is struggling to get a key tool in place for major carbon capture and storage projects, said a representative of one of the largest such ventures, as the country seeks to launch incentives vital to cutting emissions from Alberta's oil sands.
Pathways is still in talks with the government to set up such a contract, though probably not through the C$15 billion Canada Growth Fund - a body set up last year by the Finance Ministry to help attract private investment in clean tech by mitigating financing risks - the representative said. However, Canada is lagging behind the U.S., which has offered massive incentives to clean tech companies under the U.S. Inflation Reduction Act for more than a year now.
The government has told Pathways that the Growth Fund may not be equipped to handle some projects, said the Pathways representative who asked not to be named. The alliance includes Canadian Natural Resources Ltd, Suncor Energy, Cenovus Energy, Imperial Oil, ConocoPhillips Canada and MEG Energy.
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