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Fall economic statement takes steps to stay globally competitive on clean-tech investment

November 4, 2022

CALGARY – Nov. 4, 2022

Kendall Dilling, President of the Pathways Alliance issued the following statement in response to enhancements to encourage investments in clean technology projects announced in the Fall Economic Update:

“The Pathways Alliance is encouraged by the urgency expressed by Ottawa to advance major energy infrastructure projects and to stay globally competitive on clean technology investment in Canada.

“We’re pleased to see the federal government’s continued confidence in carbon capture and storage (CCS), clean technology and other emissions reduction technologies being developed by Pathways Alliance companies as essential tools to mitigate the critical challenge of climate change.

“We appreciate the recognition that to kick start these major projects and technologies, Canada must be on an even playing field with incentives in the U.S. Inflation Reduction Act and with other countries it is competing with for investment capital.

“We are encouraged by the establishment of the Canada Growth Fund that could offer added certainty for the major decarbonization investments we have planned and help close the gap with the United States, but we await details.

“New investment tax credits for clean technology such as hydrogen development and small modular reactors are another positive step forward in support of the Pathways Alliance’s multi-phased plan.

“Our industry has an essential role to play in helping our country achieve a sustainable future. Our proposed CCS project alone – one of the world’s largest – could reduce carbon dioxide emissions by between 10 and 12 million tonnes per year by 2030 and be an essential tool in our goal of net zero by 2050.

“Pathways Alliance and its member companies are also evaluating, developing and deploying more than 70 different technologies to lower emissions and help Canada meet its climate commitments.

“We will take the necessary time to review the details of these added measures announced today. We look forward to continued collaboration with both the federal and provincial governments to help Canada meet its climate commitments.

“In the meantime, we’re progressing early work on our foundational CCS project and developing and deploying new and existing technologies to ensure we’re ready to make investment decisions and start building as soon as all the necessary financial and regulatory conditions are in place.

“We look forward to moving from discussions with governments to getting steel in the ground.

“With anticipated co-funding support from governments, the first stage of the Pathways Alliance plan includes approximately $16.5 billion of investment by 2030 on the Alliance’s foundational CCS project and $7.6 billion on other emissions reductions projects, for a total of around $24.1 billion.

“This year, especially, has exposed the essential and growing need for secure and affordable supplies of oil and gas from stable and responsible countries, such as Canada, while also meeting our climate commitments. Together with governments, we have a great story to tell about the commitment of our industry to be a preferred supplier of energy in a net zero world.”

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