OTTAWA — Canada's energy minister is defending carbon capture and storage technology as both effective and affordable, after an Alberta power company walked away from a planned project and a study found that another project got public subsidies to cover more than three-quarters of its costs.
Carbon capture, utilization and storage, also known as CCUS, are systems that trap carbon emissions at their source and then funnel them back underground. They are expected to play a key role in Canada's climate plan, which cannot meet its targets and continue to produce the oil and gas that underlie a significant portion of Canada's economy.
"Increased use of CCUS features in the mix of every credible path to achieving net zero by 2050, including all 1.5 C pathways developed by the United Nations Intergovernmental Panel on Climate Change and the ," Canada's climate plan reads.The latest national emissions report published last week shows that as of 2022, Canada had captured and stored a total of 7.
That study was released just days after Capital Power, an Edmonton electricity generator, scrapped a $2.4-billion carbon capture system planned for its Genesee generating station because the economics didn't work. A statement from the company in its quarterly earnings report on May 1 said that while carbon capture is"technically viable" the company did not believe the project to be"economically feasible.
The uncertainty over whether the federal carbon price will be maintained by future governments undermines confidence that such markets will exist or that high enough prices will be achieved for the credits. Investments only make sense if companies can get certainty about the price they will be able to sell those credits for.Wilkinson said the cancellation shouldn't be viewed as a signal against carbon capture.
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