The Quest Carbon Capture and Storage facility is located at Shell's Scotford complex northeast of Edmonton. Alberta oil and gas executives are heading to the COP28 climate summit to talk about some of their emissions reduction plans — including more spending on carbon capture and storage.
Fate of giant carbon capture project still uncertain, but Pathways Alliance hopeful for deal with feds
The companies have yet to make a firm investment to advance the project over a lack of certainty from Ottawa. "All the pieces are on the table. It's a question of just running them to the ground" to understand the exact financial details, he said.Uncertainty is hindering investmentThat's key because right now, there's a risk that a change in government or shift political attitude could result in the price of carbon being reduced or wiped out altogether.
The investment tax credit for carbon capture projects is important, but the legislation need to be passed for it to make a difference, says Claude Létourneau, president of Svante, a Vancouver-based carbon capture company, during an interview in Houston, Texas, during CERAWeek, a global energy conference. Two years of talks without consensus has recently lead to both sides airing their frustrations and criticism.
Now, Pathways needs to invest more money to the project such as ordering all the required steel pipe, he said, to demonstrate the group's long term commitment. Oilsands companies need to start acting quickly because developing carbon capture facilities at this scale will take time and the world is increasingly focused on low-carbon sources of energy, said Raoul LeBlanc, a vice president with S&P Global Commodity Insights.
Canada's carbon capture incentives are some of the most attractive in the world, but are focused on the construction of the facilities as opposed to financial support for how much carbon emissions is actually sequestered every year when operational, said Peter Findlay, director of CCS economics globally with Wood Mackenzie. Companies have to decide whether the existing incentives are enough to proceed.
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