WATCH ABOVE: On Wednesday, electricity generator Capital Power announced it was cancelling a $2.4 billion carbon capture and storage project over its natural gas facility near Edmonton. Heather Yourex-West looks at what happened and why the decision has cast new doubt over a key tenet of Canada’s climate plan.
The International Energy Agency expects CCUS will need to account for 15 per cent of global emissions reductions by 2050 to achieve net-zero, where all emissions are eliminated or captured. However, Stephen Doolan said the double carbon credits were only allowed until project costs broke even and all additional credits Shell earned were used to meet its own emissions requirements in Alberta. They were not sold to any other companies, Doolan said.“Without the various incentives to make the project investible, this would simply not have happened,” he said.
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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Energy minister defends carbon capture as Alberta project gets cancelled over costEnergy and Natural Resources Minister Jonathan Wilkinson speaks during a press conference at the National Press Theatre in Ottawa, Tuesday, May 7, 2024. Wilkinson has defended carbon capture and storage technology, saying it is getting better and less expensive.
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