The Future of Alberta’s Energy Sector
The Government of Canada announced its commitment to reach net-zero by 2050 and is exploring a plan to cap emissions from the oil and gas sector starting in 2025. But what exactly that means, how we get there, and the impact it will have on Alberta’s energy sector remains to be seen.
Part of the journey to net-zero is exploring solutions such as carbon capture, utilization, and storage (CCUS) to remove CO2 from the atmosphere. The Canadian government announced a $2.6 billion tax credit in Budget 2022 to encourage investment in CCUS projects. Energy companies have said that the investment falls short of the support needed to make CCUS projects economical.
Balancing net-zero targets with a thriving energy sector remains complicated. CCUS alone will not be enough to address climate concerns and promote industry growth. That’s why the Government of Alberta is looking to hydrogen. Over four years $50 million will be invested in a Clean Hydrogen Centre of Excellence to position Alberta as the global leader in Hydrogen technology.
It's not only government’s investing in the clean energy transition. Companies have been playing an active role in shaping the future of the industry. Producers accounting for 95% of Canada’s oil production have come together to create the Oil Sands Pathways to Net Zero Alliance. Together, the alliance has committed to reaching net-zero in their operations by 2050.
The entire industry is at the precipice of change and so is the province. Policymakers and industry leaders working together are shaping Alberta’s economic future. To learn more about what the energy transition will look like join New West Public Affairs on June 28, 2022, for Alberta Relaunch-a one day conference dedicated to the future of Alberta’s economy. Our panel on Decarbonizing the Energy Sector: Canada’s Path to Net-Zero will answer some of the lingering questions around net-zero policies and the future of Alberta’s energy sector.
The panel will be moderated by Ed Whittingham, Clean Energy Consultant and Former CEO of Pembina Institute, With speakers: Mark Cameron, from the Pathways to Net Zero Alliance, Sarah Marshall, VP Sustainability at NOVA Chemicals, and Maria Hushovd Managing Director of the ESG Credit Group at RBC.
Register Today: https://www.newwestpublicaffairs.ca/alberta-relaunch