REGINA, Saskatchewan, Oct 30 (Bernama-GLOBE NEWSWIRE) — A new White Paper, Incentivizing Large-Scale CCS in Canada, jointly released today by RSM Canada and the International CCS Knowledge Centre (Knowledge Centre), identifies venues within the Canadian tax and grant systems to incent large-scale carbon capture and storage (CCS) technology in its pivotal role to create an economically sustainable route to deep emissions cuts.
CCS is identified by the International Energy Agency and the Intergovernmental Panel on Climate Change as critical to achieve global carbon reduction goals and temperature targets. Given that Canada is not on track to meet its Paris Agreement commitments to reduce its greenhouse gas (GHG) emissions by 30% below 2005 levels by 2030; and given the fact that the Canadian economy has most recently been hampered by impacts of the pandemic, this White Paper highlights pathways in the Canadian tax system that could spur economic growth and boost productivity by supporting industry to kickstart increased CCS deployment – allowing Canada to achieve emissions reductions while aligning with the continued development of the Pan-Canadian Framework on Clean Growth and Climate Change.