RSM Canada partners with International CCS Knowledge Centre to present carbon capture and storage incentive options for Canada
RSM Canada – the leading global provider of audit, tax and consulting services focused on the middle market – in partnership with the International CCS Knowledge Centre, a non-profit organization dedicated to global advancement of large-scale carbon capture and storage (CCS) as a means to accelerate meaningful reductions in greenhouse gas emissions (GHGs), today launched Incentivizing Large-Scale CCS in Canada, a new white paper that presents opportunities to kick start support for CCS in Canada.
Along with comprehensive economic and impact analyses of large-scale CCS projects in Canada, Incentivizing Large-Scale CCS in Canada provides a framework to increase the deployment of carbon capture and storage, including policy options and which avenues the Canadian tax system can take to attract investment.
“Canada is faced with the challenge of recovering from the pandemic-related disruption to its economy while simultaneously working toward meeting its commitment to the Paris Agreement to reduce Canada’s greenhouse gas (GHG) emissions by set targets, along with the federal government’s own goal of achieving net-zero emissions by 2050,” said Alex Kotsopoulos, partner, projects and economics, with RSM Canada. “These commitments will only be achievable if there is continued innovation in carbon capture and storage.”
“The impact of CCS is substantial with the potential to boost economic growth in Canada and also achieve climate objectives,” Kotsopoulos continued. “While governments around the world already employ a range of policies and incentives in support of CCS projects, this white paper suggests that Canada must level the playing field for investment in CCS technologies on a global scale. Policy tools and incentives, including tax credits and direct government grants, could help direct investment towards CCS technology. Large-scale CCS development in Canada can provide a sustainable path to economic recovery and significantly reduce emissions.”
Beth (Hardy) Valiaho, vice president, strategy and stakeholder relations with the International CCS Knowledge Centre, added, “We have informed the US of considerations during their creation of 45Q. We see the number of projects that it has spurred. CCS is necessary for climate change mitigation - especially when we talk about net zero. Canada needs CCS - and Canada's tax system can be utilized to support its climate goals.”
Click here to register for the Nov. 18 webcast to learn more about the options available in Canada to incent large-scale CCS development and investment.
About International CCS Knowledge Centre
The International CCS Knowledge Centre (Knowledge Centre) is dedicated to advancing the understanding and use of large-scale carbon capture and storage (CCS) as a means of managing greenhouse (GHG) emissions. Through experience-based guidance, the Knowledge Centre provides the know-how to implement and optimize large-scale CCS projects through the base learnings from both the fully-integrated Boundary Dam CCS Facility, and the comprehensive second-generation CCS study, known as the Shand Study. The Knowledge Centre was founded in 2016 as a non-profit organization by BHP and SaskPower.
About RSM Canada
RSM’s purpose is to deliver the power of being understood to our clients, colleagues and communities through world-class audit, tax and consulting services focused on middle market businesses. The clients we serve are the engine of global commerce and economic growth, and we are focused on developing leading professionals and services to meet their evolving needs in today’s ever-changing business environment.
RSM Canada LLP provides public accounting services and is the Canadian member firm of RSM International, a global network of independent audit, tax and consulting firms with more than 48,000 people in more than 120 countries. RSM Alberta LLP is a limited liability partnership and independent legal entity that provides public accounting services. RSM Canada Consulting LP provides consulting services and is an affiliate of RSM US LLP, a member firm of RSM International. For more information visit rsmcanada.com, like us on Facebook, follow us on Twitter and/or connect with us on LinkedIn.