(Ottawa) Federal Finance Minister Chrystia Freeland assures that the promised federal tax credit to support carbon capture projects is almost adopted and she wants to see rapid progress in the megaproject of the big sand mining companies bituminous.
The government had promised an investment tax credit in 2021 for capital invested in carbon capture, utilization and storage projects. But the bill to implement this tax measure was only tabled last fall in the Commons.
The bill is at the penultimate stage in the Senate and Mme Freeland says it should be adopted soon.
Derek Evans, president of the New Pathways Alliance oil sands group, said in May that his members could not launch their $16.5 billion carbon capture and storage project until they had some financial assurance.
Mme Freeland said Tuesday that this assurance is almost there and she now wants to see “the projects get underway.”
The Alliance’s carbon capture project represents an important element of Canada’s strategy to achieve its goals for reducing greenhouse gas emissions into the atmosphere by 2030.