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Canada announces first major investment tax credit project

Tan KW
Publish date: Thu, 30 Nov 2023, 11:20 AM
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OTTAWA, Nov. 29 -- The Canadian government announced Wednesday its first major investment tax credits to support Dow to build the world's first net-zero emission petrochemical facilities in Fort Saskatchewan, Alberta.

Chrystia Freeland, deputy prime minister and minister of finance, said in a news release that Dow's implementation of clean technologies will be supported by up to 400 million Canadian dollars (295 million U.S. dollars) from Canada's Carbon Capture, Utilization, and Storage investment tax credit and Clean Hydrogen investment tax credit.

The federal government is delivering these major investment tax credits on a priority basis, with legislative implementation concluding in 2024, according to the release issued by the Finance Ministry.

Dow and partner companies will invest more than 11.5 billion Canadian dollars (8.5 billion U.S. dollars) to expand and retrofit its Fort Saskatchewan facility to become net-zero, the release said.

Dow will use carbon capture, utilization, and storage technology to reduce existing emissions, as well as to abate all new emissions resulting from the project's increased production capacity. Dow will also enhance its operations to produce clean hydrogen, which will be used as a clean fuel supply for the site's furnaces, the release added.

Combined, these technologies will significantly reduce Scope 1 and 2 greenhouse gas emissions by approximately 1 million metric tonnes of CO2e per year from its operations, the release said.

Over the past three years, more than 90 clean growth projects valued at a total of more than 50 billion Canadian dollars (37 billion U.S. dollars), including private investment, are underway or will soon move forward into construction across Canada, the release said.

 


  - Xinhua

 

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