From the Editor: Canada’s transition plans advance at glacial pace [Gas in Transition]
From the Editor: Canada’s transition plans advance at glacial pace [Gas in Transition]
-
Natural Gas News
From the Editor: Canada’s transition plans advance at glacial pace [Gas in Transition]
Summary
A fall economic statement revealed the next steps for Canada’s answer to the Inflation Reduction Act, but industry is growing restless at the slow pace. [Gas in Transition, Volume 3, Issue 11] by: Dale Lunan
Nearly three years ago, in his 2021 budget, Canadian Prime Minister Justin Trudeau announced that Canada would implement an investment tax credit (ITC) to support carbon capture, utilisation and storage (CCUS) investments. At the time, that was all that was announced. A year later, in his 2022 budget, Trudeau said the ITC would be set at 50% for capture equipment and 37.5% for investments in equipment to transport and sequester the captured CO2. The ITC was intended as Canada’s answer to US President Joe Biden’s Inflation Reduction Act, which ramped up tax credits already available for carbon capture (4...
Related Knowledge Center: Climate diplomacy: COP 27
The 27th Conference of the Parties (COP 27) produced a groundbreaking agreement to create a “loss and damage” fund to help developing nations cope with the impact of climate change.
But the conference, held from Nov. 6 to Nov. 20, 2022, in Sharm el-Sheik, Egypt, fell short of a hoped-for agreement to speed reductions of greenhouse gas emissions.