Oil firms eye $15 billion growth fund to match Biden's subsidies

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Oil firms eye $15 billion growth fund to match Biden's subsidies
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Firms are seeking a chunk of the Canada Growth Fund to help fund large\u002Dscale carbon capture plans. Find out more.

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In an interview, Evans and executives from Cenovus and the Pathways Alliance, a group of the largest Canadian oilsands producers, set out their vision for lowering the pollution from Canada’sTo get there, they’ve set a target of lowering oilsands emissions by 22 million metric tons by 2030. The total was 81 million metric tons in 2020 — a figure the government notes more than doubled over the previous decade and a half.

Other federal programs, such as the $8 billion Net Zero Accelerator, could be used for equipment costs. And there is also potential support from Alberta’s provincial government. The program could be used to provide “a more predictable environment for decision making about long-term investments,” according to the budget document. One example is guaranteeing a floor price for carbon credits through what are known as contracts for difference.

Tapping Canada’s massive oilsands deposits carries unique challenges that make them among the world’s most carbon-intensive sources of crude.

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