Thursday, March 5, 2009

Legislation authorizes carbon capture and storage funding

$2 billion will help fund three to five large-scale projects
BLUEFUELENERGY.COM: The Government of Alberta has introduced new legislation that provides the legal authority to administer the $2 billion in provincial funding for carbon capture and storage (CCS) announced by Premier Ed Stelmach in July 2008.

“The Government of Alberta is investing in the science of solutions,” said Energy Minister Mel Knight. “This new bill demonstrates the Government of Alberta’s commitment to its goal of clean energy production. We expect the carbon capture and storage projects built with these funds will reduce CO2 emissions by five million tonnes annually by 2015.”

The Carbon Capture and Storage Funding Act
, Bill 14, will enable the province to administer funding to support three to five large-scale carbon capture and storage projects. Companies vying for the funding are completing full project proposals, which will be submitted to government by March 31. The selected projects will be announced by June 30.

“Alberta is a small contributor to global greenhouse gas emissions but as we develop CCS technology that can be shared with the world, we can make a significant contribution to the climate change solution,” said Knight.

While some carbon capture projects around the world face serious challenges, particularly due to the falling price of carbon credits, this initiative by the Government of Alberta is another reminder that carbon capture is alive and well in western Canada. Carbon capture is fundamental to Blue Fuel Energy’s plans to use renewable energy to produce carbon-neutral Blue Fuel in BC’s Peace River region—just across the border from Alberta’s upcoming carbon capture projects.

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