New research found carbon dioxide could potentially be stored in depleted oil and gas pools and deep saline aquifers around Fort St. John and Dawson Creek.
The federal government has given British Columbia’s carbon dioxide storage regulations its stamp of approval. Now, companies pursuing carbon capture and utilization projects in the province can apply for the federal investment tax credit to help cover the cost of the pricey equipment needed to capture carbon from industrial processes and store it underground.
The investment tax credit — worth an estimated $8.6 billion — was proposed in the federal Budget 2022 and will help companies cover up to 50 per cent of the cost of investing in CCUS equipment used for storing CO2 underground or injecting it into cement. The federal government considered earthquake risks and other geological elements as part of the review process and concluded the province has sufficient regulatory requirements to ensure safe and permanent CO2 storage, the statement said.
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