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IMPERIAL OIL WANTS MORE GOVERNMENT AID FOR $16 BILLION CARBON CAPTURE PROJECT
Industry looking for 75% tax credit rather than combined 62% on offer from Feds
and Alberta
Author of the article:
Bloomberg News
Robert Tuttle
Published Dec 13, 2024
Last updated Dec 13, 2024
1 minute read
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Part of the Pathway Alliance, Imperial Oil Ltd. seeks to cut emissions by 22
million metric tons by 2030 and reach net zero by 2050 on emissions from
operations. Photo by Ian Kucerak/Postmedia files
Article content
Imperial Oil Ltd., the Canadian oilsands unit of Exxon Mobil Corp., is calling
for more government funding for the nation’s industry, which is embarking on a
$16 billion endeavour to deploy carbon capture and storage technology and slash
emissions by 2030.
Article content
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IMPERIAL OIL WANTS MORE GOVERNMENT AID FOR $16 BILLION CARBON CAPTURE PROJECT
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Article content
The federal government is currently offering a 50 per cent tax credit and
Alberta’s provincial government has proposed support of 12 per cent for the roll
out of the project. The oilsands industry wants to install machinery to capture
emissions and transport carbon down a new pipeline to the Cold Lake region for
injection into the ground. The total current government support of 62 per cent
isn’t sufficient, chief executive Brad Corson said on an investor call.
Article content
Article content
“We are still in discussions with the government about the required fiscal
support that would be necessary,” he said. “We said we need 75 per cent.”
Article content
Article content
Article content
Imperial is a member of Pathways Alliance, a group of Canada’s largest oilsands
producers. The group seeks to cut emissions by 22 million metric tons by 2030
and reach net zero by 2050 on emissions from operations.
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