The biggest oilsands companies in Canada have pledged to invest a total of $16.5 billion in a huge carbon capture and storage (CCS) plant before 2030.
The pledge is at the heart of the sector’s strategy to reach net-zero carbon dioxide emissions by 2050.
Known as the Pathways Alliance, the group is comprised of the six largest oilsands companies in Canada and, in addition to the $16.5 billion promised for carbon capture, it has vowed to spend another $7.6 billion on other projects aimed at reducing CO2 emissions.
Thus, the total investment on carbon-cutting projects is brought to $24.1 billion.
Read more: Enbridge And Capital Power Partner Up On Carbon Capture In Canada
