(Calgary) The oil sands industry group that has proposed building what would be one of the world’s largest carbon capture and storage projects says it is more optimistic than ever that it will come to fruition.
The New Pathways Alliance is a consortium of Canada’s largest oil sands companies, which have come together to propose a $16.5 billion carbon capture and storage network to reduce emissions from oil sands sites. tar sands in northern Alberta.
The group has not yet made a final investment decision, but has spent around 80 million on preliminary engineering, design and environmental work.
Last week, the federal government provided additional details on the carbon capture investment tax credit it had promised, including a timeline for its finalization.
He also promised that up to 7 billion would be allocated for special contracts intended to give companies the confidence they need to make major investments to reduce their greenhouse gas emissions.
New Pathways Alliance President Kendall Dilling says he is more confident today than a year ago, adding that the group is preparing to file for regulatory approval for its project within the next two months .