A controversial tax credit meant to help jump-start carbon capture projects could cost $1 billion more than the federal government estimated, says the independent parliamentary budget watchdog.
In several federal budgets, Finance Canada forecast that the carbon capture, utilization and storage (CCUS) investment tax credit would cost $4.6 billion between 2022-28.
“Carbon capture and storage is a dangerous distraction being promoted by the oil and gas industry to prolong business as usual,” said Julia Levin, Environmental Defence’s national climate associate director.
A spokesperson for Finance Minister Chrystia Freeland defended what the government calls a “historic investment” in Canada’s “clean economy.”
“Carbon capture, utilization and storage is essential to reducing Canada’s emissions,” said Katherine Cuplinskas, Freeland’s senior communications adviser and press secretary.
Oilsands companies have banded together to propose a $16.5-billion carbon capture and storage project in northern Alberta that they say will help them reach net-zero emissions on production by 2050.
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A controversial tax credit meant to help jump-start carbon capture projects could cost $1 billion more than the federal government estimated, says the independent parliamentary budget watchdog.
In several federal budgets, Finance Canada forecast that the carbon capture, utilization and storage (CCUS) investment tax credit would cost $4.6 billion between 2022-28.
“Carbon capture and storage is a dangerous distraction being promoted by the oil and gas industry to prolong business as usual,” said Julia Levin, Environmental Defence’s national climate associate director.
A spokesperson for Finance Minister Chrystia Freeland defended what the government calls a “historic investment” in Canada’s “clean economy.”
“Carbon capture, utilization and storage is essential to reducing Canada’s emissions,” said Katherine Cuplinskas, Freeland’s senior communications adviser and press secretary.
Oilsands companies have banded together to propose a $16.5-billion carbon capture and storage project in northern Alberta that they say will help them reach net-zero emissions on production by 2050.
The original article contains 481 words, the summary contains 148 words. Saved 69%. I’m a bot and I’m open source!