Climate warning
Image of Canada

Canada

Climate warning

Experts warn Ottawa not to waste $15 Billion Growth Fund on ineffective Carbon Capture projects.


Squandering the C$15-billion Canada Growth Fund on carbon capture and storage (CCS) for the oil and gas sector would be a huge mistake, warn experts from the International Institute for Sustainable Development (IISD), arguing that the cash-trapping technology has proved ineffective over decades while better investment options have emerged.
“For too long, Canada has entertained the myth that CCS for oil and gas is a silver-bullet solution in creating a globally competitive, low-carbon oil and gas sector,” write Laura Cameron, senior policy advisor at IISD, and Angela Carter, a professor at the University of Waterloo and IISD energy transition specialist, in a Globe and Mail op-ed.
This is why the Public Sector Pension Investment Board (PSP)—as it seeks to earmark money from the $15-billion Canada Growth Fund to attract global investment in Canada’s clean economy—“should not succumb to endorsing CCS for oil and gas.”
“Despite half a century of global investment, CCS still does not deliver results at scale,” they write, echoing similar assessments that CCS does not effectively reduce emissions despite billions of federal dollars siphoned to the technology. One 2022 study found that 10 out of 13 CCS projects underperform. And Ottawa’s overspending on CCS comes at the cost of funding to train workers with skills for the clean energy transition. Plus, the lion’s share of the carbon captured in the oil and gas sector is used predominantly to boost production, resulting in a net increase in emissions.

Image of post in post detailed view





Do you agree?

9 more agrees trigger contact with the recipient

  • Ajema Lydiah

    56 w

    they should take this information seriously and use the fund effectively

    5
    • Rukia Ahmed Abdi

      57 w

      Will Ottawa swallow this advise.

      6
      • Komu Daniel

        57 w

        great advise. I hope Ottawa will take it.

        2
        • Lucinda Ramsay

          57 w

          Warning for Canada re:carbon capture- don't put all your eggs in one basket! Especially when the science is not in yet on effectiveness of carbon capture..

          9
          • Munene Mugambi

            57 w

            That's a lot of money and should be spent well

            2
            Welcome, let's solve the climate crisis together
            Post youtube preview with preloading
            youtube overlay

            Write or agree to climate reviews to make businesses and world leaders act. It’s easy and it works.

            Write a climate review

            Voice your opinion on how businesses and organizations impact the climate.
            0 trees planted

            One tree is planted for every climate review written to an organization that is Open for Climate Dialogue™.

            Download the app

            We plant a tree for every new user.

            AppleAndroid