Canadian Government To Invest $81.5 Million in Carbon Capture Tech

Canadian Government to Invest $81.5 million in Carbon Capture Tech- Carbon Herald
A graph of the decline in carbon dioxide levels in Canada. Decarbonization program. Image: Anton Watman/ Shutterstock

In an aim to make Canada a leader in sustainable technology and climate action, the country’s government plans to invest $81.5 million in RD&D projects in carbon capture, utilization and storage (CCUS). The news was announced on July 7 by Canada’s Minister of Natural Resources Jonathan Wilkinson. Applications are open for RD&D projects featuring CCUS technologies that help prevent heavy emitters from polluting the atmosphere.  

The projects, which will be funded under the Energy Innovation Program, will help companies develop and test carbon capture technologies that are energy and cost-efficient and that could help Canada achieve its net-zero goal by 2050. 

Relevant: Canada To Pump More Oil And Still Maintain Climate Targets

The call for expressions of interest will be open until Oct. 3, 2022, and intakes will be launched in 2023. 

According to the International Energy Agency, carbon capture, utilization and storage plays an important role in cutting emissions across the energy sector. By speeding up this technology, the Government of Canada aims to both secure a clean energy future and create new job opportunities for its citizens. 

Relevant: Canada Releases New $7.3 Billion Emissions Reduction Plan

In 2021, the federal government budgeted $319 million for RD&D into exploring the commercial potential of CCUS projects in business, academia, NGOs, government and public labs. With its 2030 Emission Reduction Plan and Budget 2022, Canada also reaffirmed it will develop a national CCUS strategy. The government has also proposed an incentive in the form of refundable investment tax credit at $2.6 billion over five years for companies that adopt CCUS technologies. 

“Many of the technologies needed to reach our goal of net zero by 2050 are still in various stages of development, including decarbonization solutions such as CCUS,” Wilkinson said. “The Government of Canada is investing in innovative clean energy RD&D projects to help grow the economy, fight climate change and create good jobs for Canadian workers.”

Read more: Canada Officially Announces Up To 60% Carbon Capture Tax Credit

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