Claude Letourneau points out that the technology can be applied to other industries other than oil.
Without a proclaimed law, investors are not releasing their purse strings, he says, especially since the arrival of a new government could change the situation.
It is absolutely necessary that the government convert each of these programs into law, in the coming weeks, not in the next eight months.
A quote from Claude Letourneau, CEO of Svante
The New Ways Alliance, a group of six tar sands operators, says it encounters the same problem. Its CCS project, on the table for 18 months, is valued at $16.5 billion.
We have a lot of tools on the table , from a financial and regulatory point of view, which are sufficient, but there are a lot of uncertainties, explains the president of the Alliance, Kendall Dilling.
He cites as an example carbon difference contracts which aim to guarantee a price on carbon, even if the policy changes during the life of the project.
We are close […] I think we will end up making a final investment decision to proceed.
A quote from Kendall Dilling, president of the New Ways Alliance
In the meantime, the Alliance will file a regulatory application in the coming days.
The allocation of public funds to highly profitable companies has attracted widespread criticism . At the CERAWeek conference, however, Alberta Energy Minister Brian Jean explained that once in place, the Alliance's CCS project will add $1 to the cost of a barrel of outgoing oil. tar sands.
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Kendall Dilling presented the New Pathways Alliance decarbonization project at the CERAWeek energy conference by S&P Global.< /p>
Industry and governments are betting that the market will overlook this higher cost in favor of low-carbon oil. However, this is not yet the case, notes Kendall Dilling, which makes private investment unattractive.
According to the president of the Alliance , the group has until the end of the year to make an investment decision and achieve its emissions reduction targets by 2030.