Furthering Carbon Sequestration Efforts in Alberta

Issue

With the Canadian and Alberta governments stating a goal to achieve Net Zero carbon emissions by 2050 while global demand for energy rises, it is more important than ever to encourage and support carbon sequestration efforts in the Alberta energy sector.

This policy resolution supports the journey to net zero to ensure that Alberta’s energy sector remains the world’s most responsible producer as global demand increases.

Background

World demand for oil, gas, and other energy products is increasing. Meanwhile, citizens and governments worldwide demand cleaner energy, emitting less carbon. To this end, the Canadian and Alberta governments have set a net zero carbon emissions target by 2050. The Alberta energy sector is already producing the world’s most ESG-responsible barrel of oil constantly becoming environmentally cleaner, and it will have a role to play for decades. Despite this, it must still adapt to meet world energy demand while lowering emissions to ensure Canada and Alberta meet the 2050 net zero target.

Recommendations

The Alberta Chambers of Commerce recommends the Government of Alberta:

1. Create and improve tax exemptions available for carbon sequestration projects in Alberta, such as Carbon Capture and Storage;

2. Strategically co-invest in carbon sequestration projects that require funding assistance;

3. Collaborate with the energy industry to determine effective and efficient carbon sequestration methods that will make a meaningful difference to achieving Net Zero;

4. Continuously advocate to the federal government for efficient and effective carbon sequestration regulatory processes, red tape minimization, and funding and incentive programs, and;

5. Grant permits as required to move carbon sequestration projects and ideas forward in a timely and effective manner.