As we await further details on support for carbon capture and storage (CCS) projects in the upcoming federal budget, there are almost daily reports expressing…
It is also important to look beyond the direct cost of building a CCS facility, and consider how the cost of CCS impacts end users of the products we all rely on for daily life. A new study by Norwegian and Dutch experts concluded that implementing CCS on large-scale industrial projects yields significant CO2 reductions at minimal cost to the public over the long term.
All heavy emitters are awaiting key details to be released in the March 28 budget for how the Government of Canada will create a competitive regulatory environment with co-financing models allowing for multi-decade investments that will be tenable through the volatile cash flows that can define industry, especially the oil and gas sector.
In the meantime, the risk that capital available for CCS development will move south of the border continues to grow. The U.S. Inflation Reduction Act contained straightforward incentives for CCS, including a production tax credit that provides $85 for every tonne of CO2 captured – a juicy carrot analysts believe will cover two-thirds of a project’s lifetime capital and operating costs.
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