Canada Creates Carbon-capture Incentives, Critical Mineral Plan to Cut Emissions

Canada is the world's fourth-largest oil producer and has a set a goal of generating net-zero emissions by 2050.

Steve Scherer, Reuters

Canada will offer a substantial incentive to companies that invest in carbon-capture technologies and will set aside as much as C$3.8 billion ($3 billion) over eight years to accelerate critical mineral exploration, extraction and processing as it seeks to cut carbon emissions.

In this year's budget presented on April 7, Canada is introducing a 60% tax credit for equipment used to capture carbon from the air, and 50% for all other capture equipment, plus a 37.5% credit for transportation and storage equipment.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access