Uncertainty from Ottawa standing in way of world’s largest carbon capture project

https://tnc.news/2024/02/19/carbon-capture-projects-feds-uncertainty/

Canada’s largest oil sands companies say they are ready to pledge $16.3 billion to create the world’s largest underground carbon capture project but a lack of commitment from the federal government to guarantee the development’s long-term success is leading to cold feet from investors.

Pathways Alliance, a consortium of some of Canada’s largest players in the oil business including Cenovus and Suncor, says the first phase of investing has secured funding to move ahead with the project.

The underground carbon capture facility is expected to cut 22 million metric tons of emissions by 2030, equivalent to taking 4.7 million cars off the road.

However, the project faces uncertainty due to the lack of long-term government support, which could jeopardize its viability and competitiveness.