Cenovus Blasts Canadian Government for Lack of Support for Carbon Capture [Financial Post (Toronto, Ontario, Canada)]
Cenovus Energy Inc (CVE)
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Source: Financial Post
Author of the article: (Bloomberg) — Cenovus Energy Inc. blasted the Canadian government for not providing enough financial support for the oil-sands industry's proposed C$16.5 billion ($12.2 billion) carbon capture system. The federal government has proposed tax credits covering about half of the capital costs for the project, and Alberta has offered a 12% subsidy. Canada has also said operating costs for the project can be supported with contracts that guarantee a carbon price high enough to make the system profitable. But those incentives have been accompanied by plans for a cap on emissions, which energy producers have criticized. Article content Article content “The government-funding partnerships in Canada are not enough for large-scale CCS to proceed in the oil sands,” Rhona DelFrari, Cenovus's chief sustainability officer, said in an investor day presentation, citing a study by Bank of Montreal. “Canada is employing a complex, multi-layered and evolving stick-based
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