CIAC recognizes Alberta’s commitment to Carbon Capture Utilization and Storage
March 01, 2023
Following the release of the 2023 Alberta provincial budget, the Chemistry Industry Association of Canada (CIAC) would like to recognize the provincial government’s commitment to embracing Carbon Capture Utilization and Storage (CCUS) technology.
“Transitioning to a low-carbon economy is a priority for the chemistry industry in Alberta and all of Canada. We are pleased that through Budget 2023 Alberta will significantly increase allocations from industrial carbon pricing to Alberta Innovates and Emission Reductions Alberta in the pursuit of this objective. We also look forward to working with the Alberta government to discuss opportunities to de-risk carbon capture and storage investments at existing facilities through the Alberta Petrochemical Incentive Program, or other measures,” said Bob Masterson, President and CEO, CIAC.
In the recently released budget, the Alberta government has committed to continuing to fund the Carbon Capture and Storage Initiative with $246 million in funding over three years. In addition, the budget estimates that the Technology Innovation and Emissions Reduction (TIER) fund will bring in $800 million in revenue over the next three years with upward of 50 per cent of the funds allocated to Innovation and Technology and Carbon Capture and Storage Projects.
In addition, the budget outlined the Alberta Petrochemical Incentive Program which includes CCUS investments and a commitment to reserve funding from the Technology Innovation and Emissions Reduction (TIER) program for future CCUS projects.