A new voice has been added to the discussion of carbon capture as a significant tool in transitioning the Canadian economy to lower carbon emissions.
The Economics unit at RBC Royal Bank has just issued a report on the economic impact of moving away from traditional energy sources in favor of greener ones. They note that the cost is high: abating a tonne of CO2 through production cuts results in $550 in lost production.
They argue that we need a plan to transition away from carbon output and capture technology can play a potent role. They point specifically to the Boundary Dam project in Saskatchewan as a Canadian solution to a Canadian problem. Removing this carbon could offset the use of natural gas or oil as feedstock for fertilizer production or creating clean-burning hydrogen.
Saskatchewan is recognized as a global leader in the carbon capture and storage field with more than a decade of development of storage techniques along with construction of a capture facility at a time when other countries such as China have plans to adopt carbon capture as part of its carbon neutrality initiatives.