![]() ![]() The push for government funding also comes as oil and gas companies are pulling in big profits, and spending the windfall on stock buybacks and increased dividends for investors. Other technologies and priorities that don’t support the oil and gas industry are the way out of our woes, they argue. But both also call for the use of carbon capture, utilization and storage as a necessary tool to reduce emissions.Ĭritics of carbon capture technology see investments like those in the Prairies and argue it’s simply a way to prolong the lifespan of an industry that needs to put itself out of business if the world is to survive. Organizations like the International Energy Agency say demand for oil and gas will fall if governments are serious about achieving net-zero emissions, and Canada’s own net-zero ambitions would appear to contradict buoying the oil and gas sector. In Alberta, $1.24 billion has already been spent on just two operational projects, while Saskatchewan has not committed any funding for carbon capture projects but has expanded a current tax credit to carbon pipelines. The story is similar in Saskatchewan, where private investments in carbon capture and storage are primarily focused on using carbon to pull more oil out of the ground in an attempt to maintain the economy and bring down the industry’s footprint - a central reason Saskatchewan has the largest per capita emissions in Canada.īillions of public dollars are being earmarked for carbon capture, utilization and storage projects in both provinces as they grapple with federal climate targets, investor flight from fossil fuels and a changing world. It’s no wonder the province has been keen to invest in carbon capture technologies, including a recent announcement of $30 million for the design and engineering of new projects that promise to reduce emissions while allowing the oil and gas industry to continue. Interested in learning more about carbon capture and the major stocks in the space? Click here to read more from CNBC Pro.Alberta has a big emissions problem and an economy heavily dependent on the industry at the heart of those emissions. Wall Street firms are also watching a handful of other companies such as Baker Hughes, Weyerhaeuser and Bloom Energy as potential winners amid the growing focus on carbon technology. Occidental has caught the eye of others on Wall Street for its focus on CCUS, with Goldman Sachs listing it as a likely beneficiary of the Inflation Reduction Act's benefits for carbon storage. Despite the uptick, energy research firm Wood MacKenzie has estimated global carbon storage volume will need to grow by more than four times the amount expected to be in place by 2050 to keep global warming below 1.5 degrees above pre-industrial levels. CCUS has picked up traction in recent years, though these types of projects have been around for at least half a decade. Bilson said the acquisition should help speed up Occidental's timeline for releasing a global carbon removal offering. The company expects to align the Canadian air capture company with the work of 1PointFive, the Occidental-owned business already working on the technology. "Other than maybe Barbie dolls, nothing is flying off the shelves faster these days than 'Carbon Capturers,'" said Gordon Haskett analyst Don Bilson in a note to clients Wednesday. That's because it can provide an alternative way to balance out emissions considered to be basically impossible to avoid by storing or reusing the gas rather than completely removing its use. So-called CCUS is considered a key part of the broader shift to clean energy. Occidental, which is a top holding of Warren Buffett 's Berkshire Hathaway, is one of a handful of companies eyeing the capture, use and storage of carbon as a long-term business venture. OXY YTD mountain Occidental shares are up just over 1% since the start of the year. ![]() The two companies have partnered on projects in the past. The transaction is expected to close by the end of the year, according to a Tuesday release, and it will help Occidental develop carbon air capture solutions as clean energy grows increasingly important to corporate America. Occidental Petroleum will acquire Carbon Engineering in a deal valued at more than $1 billion, the latest sign of burgeoning interest among oil majors in companies focused on carbon mitigation. Personal Loans for 670 Credit Score or Lower ![]() Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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