Energy Minister Jonathan Wilkinson is defending carbon capture and storage technology, after an Alberta power company walked away from a planned project.Energy and Natural Resources Minister Jonathan Wilkinson speaks during a press conference at the National Press Theatre in Ottawa, Tuesday, May 7. Wilkinson has defended carbon capture and storage technology, saying it is getting better and less expensive.
The climate plan estimates carbon capture will account for up to 16 million tonnes of emissions reductions by 2030, or about five per cent of the additional emissions reductions needed to meet the next target in 2030.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.
The Greenpeace study said instead of generating $203 million through selling credits based on the amount of carbon actually captured, Shell generated $406 million. The decision comes even as the Alberta government was promising to cover up to 12 per cent of the costs and the federal government as much as half through a new tax credit.Additional certainty was being tested with carbon contracts for difference under the new Canada Growth Fund. Such contracts help provide certainty that a carbon market will be robust for credits generated by technology like carbon capture and storage.
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