CIAC welcomes Alberta Government support to decarbonize chemistry facilities
November 28, 2023
Supports for carbon capture and storage investments a big step for net zero emissions chemistry in Alberta
The Chemistry Industry Association of Canada (CIAC) strongly supports the Government of Alberta’s announcement today that it is launching a program to provide support for carbon capture and storage (CCS) investments in the province.
“This program will help de-risk carbon capture and storage investments at new and existing facilities and CCS is a key aspect of decarbonizing the chemistry sector in Alberta,” said Bob Masterson, President and CEO of CIAC.
The program is modeled after the very successful Alberta Petrochemicals Incentive Program, which has provided the necessary predictability and transparency eligibility for funding to attract billions of dollars in investments into Alberta’s chemistry industry.
“With this announcement, the province of Alberta positions itself as among the top global investment destinations of choice for supporting both the growth and decarbonization objectives of the chemistry industry. We congratulate Premier Smith and the Government of Alberta and are confident today’s announcement will lead to important investment decisions in the weeks and months to follow,” Mr. Masterson said.
Canada’s low-carbon chemistry products are vital to decarbonizing the economy. Advances in key sectors such as green buildings, sustainable transportation, clean energy and sustainable agriculture would be impossible without chemistry and plastics.
The new program will provide a 12 per cent grant in eligible capital to build CCS infrastructure. Grants are only paid once a project is operational.
CIAC is pleased that Alberta’s newly announced program will complement the Carbon Capture Storage and Utilization Investment Tax Credit to be introduced this week by the Government of Canada. We will continue to work with the provincial and federal governments to advance efforts to grow Canada’s chemistry sector while also transforming to a low-carbon and circular economy.