Oilsands to Spend $16.5B on Carbon Capture Project

The largest oilsands companies in Canada have proposed investing $16.5 billion in a carbon capture and storage facility near Cold Lake, Alta.

According to the Pathways Alliance, a group of the top six oilsands companies in Canada, initial planning for the proposed project is well advanced.

Approximately 10 million tonnes of annual emissions would be reduced if the group decides to move through with the project to capture CO2 emissions from over 20 oilsands sites in northern Alberta and store them safely underground.

However, it claims to have finished pre-engineering work and is currently consulting with Indigenous groups along the projected 400-km pipeline route that will transport captured CO2 to the storage site.

The group is also in talks with both the federal and provincial governments, and they say they will begin building as soon as “the necessary financial and regulatory conditions are in place.”

The rising price of oil in 2022 has led to record earnings for oilsands companies. Critics think that companies should use their windfall to speed up their decarbonization activities.

Original source material for this article taken from here