Released: White Paper on carbon capture and storage incentives in Canada

KUALA LUMPUR, Oct 30 -- The International CCS Knowledge Centre and RSM Canada have jointly released a new White Paper, Incentivizing Large-Scale CCS in Canada recently.

This is to identify venues within the Canadian tax and grant systems to incent large-scale carbon capture and storage (CCS) technology in its pivotal role to create an economically sustainable route to deep emission cuts.

The White Paper highlights pathways in the Canadian tax system that could spur economic growth and boost productivity by supporting industry to kickstart increased CCS deployment – allowing Canada to achieve emission reductions while aligning with the continued development of the Pan-Canadian Framework on Clean Growth and Climate Change.

It also shows that the economic impact related to the development of CCS projects is substantial, for example, the construction and development of three CCS projects over four years would generate US$2.7 billion in GDP across Canada and support over 6,100 jobs over the construction horizon. (US$1 = RM4.157)

Highlights of the White Paper include, the importance of CCS to Canada in order to meet its Paris Agreement commitments; the current need for an accelerated and focused federal government approach to financially support CCS deployment; and, the recommendation of three policy options.

According to a statement, once seen as a leader in CCS technology, Canada has an opportunity to join other governments worldwide which are employing a range of policy tools and incentives including tax credits and direct government grants to address roadblocks for CCS.

The White Paper examines Canada’s climate commitments, its current status in CCS, explores deployment-enabling policy options based on jurisdictional review, and recommends the ideal incentive scenarios for Canada.

More details at https://ccsknowledge.com/

-- BERNAMA