ICO2N

ICO2N

December 07, 2010 09:31 ET

ICO2N: Alberta Government Legislation is a Welcome and Necessary Step to Make Carbon Capture and Storage a Reality in the Province

CALGARY, ALBERTA--(Marketwire - Dec. 7, 2010) - The Integrated CO2 Network (ICO2N), an alliance of 16 of Canada's largest industrial companies who support the development of carbon dioxide capture, transport, distribution and storage, congratulates the Government of Alberta for passing Bill 24, the Carbon Capture and Storage Statutes Amendment Act 2010. CCS is one of the key tools for meeting greenhouse gas reduction targets for Canada, and the Alberta legislation is a necessary step to establish the ground rules and regulatory framework that industry needs to continue to invest in the CCS projects currently under way in Alberta, and to make CCS a reality in the province. Through its investment and support, and through this legislation, the Alberta Government continues to take a leadership position in CCS development and deployment.

"Reducing greenhouse gas emissions is not about a single tool to solve the climate change issue – there will be many tools and we need to move quickly to grow them all," stated Stephen Kaufman, Chairman of ICO2N. "But studies clearly show that CCS can contribute significant CO2 reduction volumes and is an important part of Canada's suite of greenhouse gas reduction options. One such study done by the Delphi Group last year looked at the potential supply, timing and cost of GHG reductions in Canada from a variety of alternatives, and concluded that CCS has the most significant potential for annual reductions, closely followed by nuclear, wind power and vehicle fuel efficiency improvements. And while CCS will be expensive in the early stages of development, its costs are comparable to those of other GHG reduction options such as wind and solar."

"Alberta is a global leader in progressing CCS and there are four large-scale demonstration projects under development. Carbon capture and storage is not a new or untested idea," added Mr. Kaufman. "CCS is a technically viable and environmentally safe means of reducing greenhouse gases. There are many CCS projects of varying sizes under way around the world, including a large project in Weyburn, Saskatchewan, and underground storage of CO2 has been done for more than 30 years in the United States. In Canada, the geologic formations being considered as candidates for long-term CO2 storage – namely depleted oil and gas reservoirs and deep geological sequestration sites – have already proven safe for storing other gases and liquids. These same formations have trapped crude oil and natural gas underground for hundred of millions of years."

CCS will generate long-term economic benefits for Albertans and Canadians, including jobs to build and operate CCS infrastructure and jobs in an expanded enhanced oil recovery (EOR) industry. EOR can extend the life of Alberta's declining conventional oil reservoirs and will provide royalty and tax revenue for Alberta, yielding a strong return on investment, more than offsetting the province's initial investment in CCS. 

Contact Information

  • Integrated CO2 Network
    Eric Beynon
    Director, Strategy & Policy
    (403) 296-6367
    ebeynon@ico2n.com