Industry looking for \u0027significant\u0027 tax credit when budget drops April 7
The oilpatch is eagerly awaiting details of Ottawa’s forthcoming plan to drive investment in carbon-capture technology, as even the believers acknowledge that billions of dollars still must be spent to discover a cost-effective approach to removing emissions from the air.
To be sure, the much ballyhooed technology has many detractors, who argue that it’s folly to base climate targets on unproven methods that could ultimately fail. CCUS involves capturing emissions from industrial processes such as oil and gas production, and recycling them or transporting them via pipelines to underground sequestration sites. Bill Gates, the founder of Microsoft Corp., is among the backers of the technology. Still, the oil and gas sector, Canada’s largest emitter, says it needs Ottawa’s help to accelerate the development of carbon capture projects.
“The federal government must ensure that Canada’s CCUS policy is competitive with that of other countries, in particular the United States,” the council wrote in a February submission. “We note that in the United Kingdom, Norway and the Netherlands, significant public funding was key to the development of CCUS projects.”Article content
Joule Bergerson, the Canada research chair in energy technology assessment at the University of Calgary, said Ottawa’s decision to implement an investment tax credit reflects the value of oil and gas to the Canadian economy and the jobs that are stake.
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