Capital Power, a leading energy company in Canada, has announced its plans to invest in a new carbon capture project at its Genesee power plant in Alberta.
The project, which is estimated to cost $1.3 billion, aims to capture and store up to 1.8 million tonnes of carbon dioxide per year. This is equivalent to taking approximately 500,000 cars off the road annually.
According to Capital Power, this initiative will make the Genesee plant one of the largest carbon capture facilities in the world. It will also significantly reduce the plant’s carbon emissions by up to 90%.
The company has partnered with the Alberta Carbon Trunk Line, a pipeline system that transports captured carbon dioxide to be used for enhanced oil recovery. This collaboration will not only reduce carbon emissions but also support the growth of the oil and gas industry in Alberta.
Capital Power’s President and CEO, Brian Vaasjo, stated that this project aligns with the company’s commitment to sustainable energy production. He also emphasized the importance of investing in innovative technologies to reduce carbon emissions and combat climate change.
The Genesee carbon capture project has received support from both the federal and provincial governments. The federal government has committed to providing $750 million in funding, while the Alberta government has pledged $300 million.
This project is expected to create over 2,000 jobs during construction and approximately 200 permanent jobs once operational. It will also have a positive impact on the local economy and contribute to Canada’s goal of reaching net-zero emissions by 2050.
In addition to the Genesee plant, Capital Power is also exploring other carbon capture opportunities at its other facilities. This demonstrates the company’s dedication to reducing its carbon footprint and promoting sustainable energy production.
The Genesee carbon capture project is a significant step towards a greener future for Canada. It showcases the potential of innovative technologies in reducing carbon emissions and highlights the importance of collaboration between the government and private sector in achieving climate goals.
