Alberta to invest over $40m in 11 CCUS projects
On July 13, 2022, ERA and the government of Alberta announced the approved projects for the Carbon Capture Kickstart: Design and Engineering funding opportunity. This funding advances CCUS-related technologies in step with emerging provincial and federal policies. Many of these projects represent the first stage of significantly larger overall project plans. All funded projects plan to be up and running by 2030.
Funding recipients represent industrial sectors including power generation, cement, fertilizer, forest products, and oil and gas. Large emitter sites across Alberta, from Medicine Hat to the industrial heartland, Hinton to Exshaw, and in the Alberta oilsands, will participate. This investment is sourced from the government of Alberta’s Technology Innovation and Emissions Reduction (TIER) Fund.
“This significant investment will create a diverse roster of investment-ready projects, support shared learnings about the economic and emissions reduction potential of this critical technology, and position Alberta and Canada to develop and deploy the CCUS technologies the world needs,” said Justin Riemer, CEO, emissions reduction Alberta.
Carbon Capture Kickstart is trying to position Alberta companies to take advantage of the federal government’s tax credit for capital invested in CCUS projects starting in 2022, the government of Alberta’s carbon sequestration hub approach, and aligns with the $305 million over four years earmarked by the province for future carbon capture projects.
The 11 projects were selected through ERA’s competitive review process. A team of experts in science, engineering, business development, commercialization, financing, and greenhouse gas quantification conducted an independent, rigorous, transparent review overseen by a fairness monitor.