Western Standard - November 28, 2023


Alberta goes full bore on carbon capture ahead of COP28

Mentioned
Schultz
Professor Michel Gagneฬ chats with Cory on conspiracy theories Making progress on emissions reductions.

Episode Stats


Length

3 minutes

Words per minute

186.55

Word count

575

Sentence count

29


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Learn English with Alberta s Premier Rachel Notley. In this episode, Rachel talks about the Alberta Carbon Capture Incentive Program, or ACET, which will help companies incorporate carbon capture and storage (CCUS) into their operations in order to reduce their emissions.

Transcript

Transcript generated with Whisper (turbo).
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00.000 As you may know, Alberta is a globally recognized leader in carbon capture utilization and storage in both development and regulation.
00:00:05.720 We have and will continue to invest billions into carbon capture projects and programs, as well as regulatory enhancements and knowledge sharing.
00:00:13.200 And Alberta is busy proving that CCUS works at scale with the potential to become a powerful tool for building carbon neutral economies.
00:00:20.720 This technology is important because we're working to phase out emissions.
00:00:24.580 We are not phasing out energy production.
00:00:26.760 In fact, all reasonable forecasts show that Alberta is set to remain a leader in energy production and carbon capture utilization and storage for decades.
00:00:35.460 Our oil and gas sector is primed for success in the industries of the future.
00:00:39.700 And our government understands the importance of innovation, of research, and of Alberta's entrepreneurial spirit.
00:00:45.200 We're doing the work to show the world that CCUS is an important part of the solution.
00:00:49.640 That's why I'm proud to announce the Alberta Carbon Capture Incentive Program, or ACET.
00:00:54.000 This new program will further support Alberta's position as a world leader in CCUS technology, while also helping major industries in the province cut emissions and grow the economy.
00:01:04.760 It's been modeled after our highly successful Alberta Petrochemical Incentive Program, and will provide a grant of 12% for new eligible capital costs in order to help industries reduce their emissions by incorporating CCUS into their operations.
00:01:18.660 We estimate that over the next decade, these incentives will support as much as $35 billion in new investment and create thousands of good-paying jobs and other economic benefits across the province.
00:01:29.600 Alberta's ACET tax credit will build on the federal government's carbon capture utilization and storage investment tax credit.
00:01:36.360 I think it's important to note that a portion of the funding for ACET will be accessed from the Technology, Innovation, and Emissions Reduction Fund, which is the TIER Fund, which is fully funded by industry payments for greenhouse gas emissions.
00:01:51.060 The simple fact is this.
00:01:52.320 CCUS works.
00:01:53.680 And advancing this technology is critical to the future of our energy industry and to the new industries that we are attracting to Alberta.
00:01:59.460 By continuing to invest in CCUS technology and adoption now, we are ensuring that Alberta continues to lead the world in the critical work of reducing emissions.
00:02:08.920 We are committed to doing our part to create practical solutions to the global emissions problem, but we also want to ensure the world understands that the words Alberta and energy will continue to be linked for generations.
00:02:21.440 Our success shows that we can have a thriving energy sector cut emissions and hit our targets, which leads me to our second announcement.
00:02:27.360 We have been a leader in methane emissions monitoring and reduction for years now.
00:02:32.460 And I'm proud to say that Alberta has achieved our methane emission reduction target years ahead of schedule.
00:02:38.640 And how have we been able to do this?
00:02:40.660 Because we are working with industry to adopt policies and regulations that work and deliver results.
00:02:45.860 And Minister Schultz will have more to say about that shortly.
00:02:48.580 There is a global energy transition underway, and Alberta is going to lead it.
00:02:53.100 That is the message that I will be taking to Dubai.
00:02:55.340 We have a plan to move our province forward, and it shows how we're putting the pieces in place to make sure that there is a real difference in emissions reduction and energy security.