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illuminem summarizes for you the essential news of the day. Read the full piece on Carbon Credits or enjoy below:
🗞️ Driving the news: Shell Canada has approved the Polaris carbon capture project, marking a significant investment in emissions-reducing technology
• The project will capture 650,000 tonnes of CO2 annually from from the Scotford refinery near Edmonton
• The development is supported by a new federal investment tax credit covering up to 50% of CCS project capital costs
🔭 The context: Canada's federal government aims to kickstart 20-25 carbon capture and storage (CCS) projects within the next decade
• The Polaris project is part of Shell's broader strategy to achieve net-zero emissions by 2050
• It follows the Quest CCS project, which has captured about 1 million tonnes of CO2 annually since 2015
🌍 Why it matters for the planet: CCS technology is crucial for decarbonizing heavy industries such as oil, gas, and cement production
• It helps Canada meet its targets of cutting emissions by 40-45% below 2005 levels by 2030 and achieving net-zero emissions by 2050
• This investment underscores Canada's commitment to significant carbon management initiatives
⏭️ What's next: Shell plans to connect the Polaris project to the Atlas Carbon Storage Hub, enhancing CO2 storage capacity
• Canada aims to triple its CCS capacity by 2030 to meet its climate goals
• The development of extensive geological storage resources positions Canada as a global leader in CCS technology
💬 One quote: “These carbon capture projects will create new jobs, support our economy, and enhance investment attractiveness while capturing emissions that would otherwise be released into the atmosphere,” stated Mayor Rod Frank
📈 One stat: The Quest CCS project has captured and stored about 1 million tonnes of CO2 annually since 2015
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