'The application of CCS does not align with the time scale or ambition necessary for limiting global warming to 1.5 degrees C,' the report states.
The report, released Thursday by the International Institute for Sustainable Development — a Winnipeg-based think-tank that focuses on climate and sustainable resource development — concludes carbon capture and storage technology costs too much and takes too long to build to have any hope of helping industry meet Canada’s 2030 emissions reductions target.We deliver the local news you need in these turbulent times on weekdays at 3 p.m.
The technology has existed for decades, but it’s expensive and has been slow to scale up. There are currently just seven CCS projects currently operating in Canada, mostly in the oil and gas sector, and only 30 commercial-scale CCS projects in operation globally. “In fact, some industry representatives, they frame CCS as the only option to make the kind of large inroads that are needed to reduce emissions in the oil and gas sector. It’s very much like the industry is putting all of its eggs in the basket of CCS.”
“Wider investment in CCS requires clear policy providing long-term certainty on carbon pricing, along with other mechanisms that will ensure Canada remains an attractive location to undertake multi-billion-dollar projects.”
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