Capital Power’s big carbon capture project is on hold – it’s a sign that we have to work even harder on decarbonizing Canadian industryEdmonton-based Capital Power Corp. says it is no longer pursuing a proposed $2.4-billion carbon capture and storage project at its Genesee natural gas-fired power plant, located near Edmonton.shelved plans for a carbon capture project at its natural gas-powered generating station west of Edmonton. The $2.
Carbon pricing is our cornerstone climate policy, so what choice does the government have other than to make it work better? Its 2030 Emissions Reduction Plan says Canada will need 30 million tonnes of carbon capture by a little over five years from now. But we haven’t had a new megatonne-scale carbon capture project since Shell Quest launched in 2015.
We have to cut more than 150 megatonnes per year of annual industrial emissions by 2030 to achieve the federal government’s targets.with Navius Research shows that a broad-based program of carbon contracts for difference will be essential to achieving a substantial share of those reductions. The federal government made encouraging commitments in the recent federal budget to develop an expanded range of carbon contracts for difference offerings, potentially including standardized contracts. This could unlock billions of dollars in investment.