Canada will offer a substantial incentive to companies that invest in carbon-capture technologies and will set aside as much as $3 billion over eight years to accelerate critical mineral exploration, extraction and processing as it seeks to cut carbon emissions. From a report In this year’s budget presented on Thursday, Canada is introducing a 60% tax credit for equipment used to capture carbon from the air, and 50% for all other capture equipment, plus a 37.5% credit for transportation and storage equipment. Carbon capture and storage (CSS) facilities are expected to be a key part of global efforts to contain emissions from fossil fuels. Canada is the world’s fourth-largest oil producer and has a set a goal of generating net-zero emissions by 2050. “For the oil and gas sector this tax credit, combined with the fact they are generating massive revenues right now, is more than enough to reduce the risk associated with going ahead with CCS projects,” said Chris Severson-Baker, Alberta regional director at the Pembina Institute, a clean energy think-tank.
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