Emissions Reduction Alberta is awarding nine Alberta oil companies with more than $70 million to support the oilsands economic growth.
The funds are distributed based on company’s abilities to advance technology solutions to delivery, greenhouse gas reduction and cost competitiveness enhancements.
“This is about growing production while reducing emissions and costs,” said Margaret McCuaig-Boyd, Minister of Energy.
“That means getting top dollar in return for our oil, which will help secure the industry’s long-term success and build an economy to last.
The companies chosen include Suncor, CNRL, Enlighten Innovations, Heavy Oil Solutions, MEG Energy, Imperial, ConocoPhillips Canada as well as a pair of projects with Cenovus Energy.
These projects will help Alberta’s oil sands industry meet the provincial climate leadership oilsands legislated emissions limit of 100 megatonnes.
“Albertans know that our economy and our environment go hand-in-hand,” said Shannon Phillips, Minister of Environment and Parks and Minister responsible for the Climate Change Office.
“These new technologies will reduce emissions while also creating jobs, reducing costs and boosting competitiveness. Our investments in innovation continue to position Alberta as a forward-looking energy producer and climate change leader.”
They are also estimated to result in potential greenhouse gas emissions reductions of around 4.1 million tonnes of yearly CO2 emissions in Alberta by 2030.
This is equivalent to more than 440,000 homes’ energy use for an entire year.