Svante has developed technology that is ready to play a role in decreasing emissions through an innovative process that captures CO2 directly from industrial sources at less than half the capital cost of existing solutions. The TIER program in Alberta is a step in the right direction….Alberta is open for business in implementing CCS.
But Canada is currently behind the US in creating a market-based program that encourages carbon capture and storage projects. The US federal 45Q tax credit is making it economical viable to capture and store carbon, leading to green project finance. With this policy disparity, Canada is unable to compete for the green dollars.
Central bank officials and a growing list of investors are pushing to make the $100 trillion green bond market – one of the largest pools of money – a driving force in the urgent efforts to limit climate change.
The introduction of a 45Q tax credit equivalent in Canada would provide the Alberta government with a complementary policy to the TIER program to encourage investment in CCS projects at a scale that is environmentally meaningful.
This is the last piece of the puzzle to take advantage of Alberta abundant low-cost natural gas and CO2 storage capacity the world needs to make and export blue hydrogen fuel.
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