Alberta announces fresh grant programme for carbon capture

The Alberta government has unveiled a fresh initiative aimed at boosting investment in carbon capture, utilisation, and storage facilities (CCUS) within the province. Known as the Alberta Carbon Capture Incentive Programme (ACCIP), this initiative offers companies up to 12 percent of qualifying capital expenses for integrating CCUS into their ventures.

This programme’s rollout hinges on the federal government’s enactment of the newly proposed CCUS investment tax credit outlined in the fall economic update.

Premier Danielle Smith said the programme is projected to add $35 billion in new investment over the next decade. She said government funding will be in the range of $3.5 to $5.3 billion, with some of it coming from the Technology Innovation Emissions Reduction (TIER) fund.

“Alberta is busy proving that CCUS works at scale with the potential to become a powerful tool for building carbon-neutral economies,” Smith told reporters at a news conference in Edmonton on Tuesday.

“This technology is important because we’re working to phase out emissions we’re not phasing out energy production.”

The announcement was made following the release of a report by the International Energy Agency cautioning against relying solely on CCUS technology to address the climate crisis. Smith expressed scepticism about the report’s accuracy while highlighting Alberta’s geological advantage in storing significant emissions underground. She anticipates that the province could secure a majority of CCUS opportunities.

Alberta NDP Leader Rachel Notley questioned Smith and her government making CCUS the only way it plans to reduce emissions.

“The fact that this provincial government is putting all its eggs just into that basket is concerning to me because emissions reduction is not only an environmental necessity, it is also an economic opportunity,” she said.

“It is one that this provincial government is absolutely determined to reject and run away from.”

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