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From 2022 through 2030, the investment tax credit rates would be set at 60% for investment in equipment for direct air capture projects, 50% for equipment in all other carbon capture projects, and 37.5% for transportation, storage and use.
Carbon capture projects permanently store carbon dioxide emissions before they are released into the atmosphere.
The country’s largest producers have formed a group called the Oil Sands Pathways to Net Zero, and estimate carbon capture projects will cost about C$75-billion over three decades.
Canada has a significant opportunity to establish itself as a leader in this area, according to a report led by Toronto-Dominion Bank chief economist Beata Caranci.
CRITICAL MINERALS Apart from energy, resource-rich Canada is also abundant in critical minerals that are essential for industries like electric vehicles, clean technology and computing.
Specific measures to support critical mineral projects include the introduction of a new 30% tax credit for mineral exploration expenses and up to C$1.5-billion in infrastructure investments.