Canadian oil and gas companies are singing from the same songbook in the lead-up to the 2023 federal budget, and its title is the Inflation Reduction Act.
The U.S. legislation, signed into law by U.S. President Joe Biden in August of last year, has been brought up again and again in recent weeks by industry leaders jockeying for support for emissions reductions projects.
Last week, Calgary-based fuel producer Parkland Corp. announced it will not be going ahead with its plan to build a standalone renewable diesel complex at its refinery in Burnaby, B.C., in part because the company believes the incentives offered by the IRA give an advantage to producers south of the border.
"An investment tax credit subsidizes upfront capital spending," Belenkie said, adding that because of the IRA, Entropy Inc. recently made the decision to focus all of its future carbon capture growth plans in the U.S. "We have a lot more on the pollution pricing and regulatory side here," Woynillowicz said, adding he believes a combination of carrots and sticks is the best approach when it comes to reaching Canada's climate goals.
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