Oilsands group pledges to spend $16.5B on carbon capture project by 2030

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Canada’s greatest oilsands producers say they’ll spend $16.5 billion earlier than 2030 on the primary stage of a large proposed carbon capture and storage facility close to Cold Lake, Alta.

The Pathways Alliance, a consortium of the nation’s six largest oilsands firms, says preliminary work on the proposed project is effectively underway.

The group has not but decided to go forward with the project, which might capture CO2 emissions from greater than 20 oilsands amenities in northern Alberta and retailer them safely underground, delivering an estimated 10 million tonnes of emissions reductions per 12 months.

But it says it has already accomplished pre-engineering work and is consulting with Indigenous communities alongside the route of the proposed 400-km pipeline that may carry captured CO2 to the storage hub.

The Pathways group additionally says it is usually in talks with the federal and provincial authorities and can start building as soon as “the mandatory monetary and regulatory circumstances are in place.”

Oilsands firms have earned document earnings in 2022 due to sky-high oil costs. Critics say firms ought to be utilizing the windfall to transfer quicker on decarbonization initiatives.

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