July 30, 2021 Read More →

Carbon capture and storage divides opinions on Canadian government’s role in CCS investment

Financial Post: 

For decades, environmentalists have railed against oilsands companies for releasing hundreds of millions of tons of carbon dioxide into the air every year.

On its face, burying carbon dioxide in underground reservoirs, a process known as carbon capture and storage, would appear to reduce emissions into the atmosphere. But last week more than 500 organizations across Canada and the U.S., from Environmental Defence to Ben & Jerry’s Ice Cream, signed a letter to Prime Minister Justin Trudeau, contending that ‘carbon capture’ would actually delay the transition away from fossil fuels and ultimately increase CO2 emissions.

“Carbon capture is a dangerous distraction,” the letter states. “We don’t need to fix fossil fuels, we need to ditch them.”

The letter follows a June announcement by a coalition of Canada’s top five oil companies, of The Oilsands Pathways to Net Zero initiative: The companies, representing 90 per cent of oilsands production, said it would cost $75 billion to reduce their emissions to net zero by 2050, and that they expect government support for as much as two-thirds of that amount, starting with investment in a carbon capture project.

[ Gabriel Friedman ] 

More: ‘Dangerous distraction’ or silver bullet? Opinion divided on government’s role in carbon capture investments 

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