By Steve Scherer OTTAWA (Reuters) - Canada is struggling to get a key tool in place for major carbon capture and storage (CCS) projects, said a ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSOTTAWA - 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 Pathways Alliance CCS hub would store emissions from 14 oil sands projects at an estimated cost of C$16.5 billion by 2030. The project will take years to build and so Pathways is counting on government support to move forward. Canada set up the Growth Fund last year, which is run through the Public Sector Pension Investment Board, a federal Crown corporation.
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Exclusive-Canada oil sands carbon capture project struggles to get key contractCanada 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.
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