OTTAWA – December 11, 2020 – Greg McLean, Member of Parliament for Calgary Centre, and Shadow Minister for Natural Resources & Canadian Northern Economic Development Agency (CanNor), seconded by Warren Steinley, Shadow Minister for Economic Development & International Trade, introduced a Private Member’s Bill today creating a non-refundable performance-based tax credit for carbon capture, utilization and storage (CCUS) projects.

“Carbon capture, utilization and storage is key to curbing green house gas emissions that are endemic to many activities in industrial society, and this incentive to industry to invest in this technology will greatly enhance Canada’s abilities to meet our environmental commitments.

“The US Tax Code currently offers this type of tax credit (Section 45Q Carbon Capture Tax Credit) which has led Canada to be uncompetitive and to lose out on potential investments in the CCUS field. This Bill helps to level the playing field and makes Canada more competitive with our largest trading partner for development of greenhouse gas mitigation technologies”.

Quotes

“This bill brings forth the means to incentivize carbon capture, utilization and storage by working with Canada’s strengths – its world-leading environmental industries. We are levelling the playing filed when it comes to the ways in which their technological expertise can be used in our work to mitigate the effects of greenhouse gas production.”

– Greg McLean, M.P., Calgary Centre

“Canada’s approach to meeting its international environmental obligations has become nonsensical – The consequences of this illogical approach disproportionally impact the lives of Canadians. Enhancing carbon capture technology will help achieve climate targets while providing sustainable and affordable energy for Canadians.”

– Warren Steinley, M.P., Regina-Lewvan