FOR IMMEDIATE RELEASE
Alberta’s Industrial Heartland Association Welcomes New Government of Alberta Carbon Capture Incentive Program
New incentive program will help companies reduce their emissions while improving the competitiveness of Canada’s largest hydrocarbon region, Alberta’s Industrial Heartland.
Fort Saskatchewan, Alberta – Alberta’s Industrial Heartland Association (AIHA) is applauding the Government of Alberta’s announcement of the Alberta Carbon Capture Incentive Program (ACCIP). The ACCIP provides a grant to support a portion of a project’s carbon capture, utilization and storage expenses which will enhance Alberta’s Industrial Heartland’s competitiveness relative to other jurisdictions around the world.
“This program will build upon the strong value proposition that our $45 billion region already offers and will help attract more capital investments to our world-renowned energy cluster,” says AIHA Executive Director Mark Plamondon.
ACCIP will provide a grant worth up to 12 per cent of a project’s eligible carbon capture, utilization and storage capital expenses in three annual payments once the project achieves commercial operation. It is valued between $3.2 and $5.3 billion over the 10-year life span of the program. As stated in the Government of Alberta’s press release, the provincial funding will be available once the federal government has legislated its investment tax credits for carbon capture, utilization and storage projects. AIHA looks forward to reviewing specific program details once released in 2024.
Accelerating Decarbonization Efforts in Alberta
Alberta’s Industrial Heartland is well positioned to support companies’ energy diversification efforts. To meet the large interest in carbon sequestration pore space, the Government of Alberta held its first competition in 2022 to develop storage hubs that would enable sequestration of carbon emissions from Alberta’s Industrial Heartland. The Industrial Heartland, home to about ten per cent of the world’s carbon capture, utilization, and storage infrastructure already, is a region that is very well-positioned to make carbon reduction outcomes a reality.
“ACCIP helps strengthen the business case for investment in Alberta by ensuring companies can reach both their economic and environmental goals,” adds Plamondon. “By working together, we can build on our strengths and position Alberta’s Industrial Heartland as a premiere destination for foreign direct investments for the production of low-cost, low-carbon, value-add energy products.”
Learn more about Alberta’s Industrial Heartland at industrialheartland.com.
About Alberta’s Industrial Heartland (AIH)
Located in northern Alberta, this 582 km2 region is one of the world’s most attractive locations for chemical, petrochemical, oil, and gas investment. With $45+ billion in existing capital investment and over a $6 billion GDP, companies within the Industrial Heartland are providing fuels, fertilizers, power, petrochemicals and more to provincial and global consumers.
About Alberta’s Industrial Heartland Association
Alberta’s Industrial Heartland Association represents five municipal partners that span AIH and are stewards for economic development for the Industrial Heartland.
Karlee Conway, director of communications