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Suncor Energy Inc
Symbol SU
Shares Issued 1,281,510,650
Close 2024-07-04 C$ 53.41
Market Cap C$ 68,445,483,817
Recent Sedar Documents

Globe/CP say MEG, rivals hear more CCS projects loom

2024-07-05 08:37 ET - In the News

See In the News (C-MEG) MEG Energy Corp

The Globe and Mail reports in its Friday edition that Shell Canada's planned Polaris carbon capture project is likely just the beginning of a wave of positive investment decisions by supporters of emissions-reducing technology, according to federal Natural Resources Minister Jonathan Wilkinson. A Canadian Press dispatch to The Globe reports that 20 to 25 commercial-scale carbon capture and storage projects are expected to break ground in Canada within the next decade. A new federal investment tax credit for carbon capture and storage is in effect. So far, Canada only has a handful of CCS projects in operation. Since 2000, these projects have stored about 44 million tonnes of CO2, the equivalent of taking more than 9.4 million cars off the road. It is the oil and gas industry that has proposed the highest-profile CCS projects in Canada thus far. A group of oil sands companies known as the Pathways Alliance has proposed investing $16.5-billion to build a massive pipeline that would transport captured carbon from 14 individual oil sands sites to a storage location near Cold Lake. If built, it would be one of the world's largest CCS projects, but the Pathways companies have not yet made a final investment decision.

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