Oil-sands companies see a chance to secure a steady stream of government aid as Prime Minister Justin Trudeau pledges to keep Canada competitive with the massive clean-energy subsidies on offer in the U.S.
Firms including Suncor Energy Inc. and Cenovus Energy Inc. are seeking a chunk of the $15 billion Canada Growth Fund, unveiled in the government’s 2022 budget, to help fund large-scale carbon capture plans that would reduce emissions from extracting the country’s heavy oil.
To get there, they’ve set a target of lowering oil-sands 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. Their plan to do so requires $24 billion in spending, including on carbon capture.
That means Canada is already close to matching the U.S. on capital cost incentives, said Mark Cameron, head of external relations for Pathways. “Where there’s a real gap is on the operating cost side,” he added, with money from the Canada Growth Fund as the possible solution. Evans said that ideally the industrial carbon trading market in Canada matures to the point where federal price guarantees aren’t necessary. But for now “we’re not going to undertake a project when we don’t have some idea of what the revenue is going to be,” he said.
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