Alberta Premier Danielle Smith has announced plans to unveil the details of investment tax credits to support carbon capture and storage (CCS) projects at the upcoming COP 28 climate summit in Dubai. The announcement was made during a news conference at the World Petroleum Congress. As the highest carbon-emitting province in Canada and the main producer of crude oil and natural gas, Alberta views CCS as a crucial strategy for reducing emissions while maintaining oil and gas output.
Many of Canada’s largest energy producers, including Suncor Energy and Cenovus Energy, have identified CCS as a key technology to achieve emission reduction targets. However, these companies have been hesitant to invest in the expensive CCS technology without public funding. They have been eagerly awaiting the details of the Alberta incentives, as well as seeking additional government support beyond the federal CCS tax credit announced last year.
The COP 28 climate summit will run from November 30th to December 12th, providing an ideal platform for Alberta to showcase its investment tax credits for CCS projects. This move demonstrates the province’s commitment to tackling climate change while promoting continued growth in the oil and gas sector.
– “Alberta Premier hopes to announce CCS details in Dubai” – Reuters