Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, visited Shell Canada's Polaris Carbon Capture project in Scotford, Alberta, which is now moving forward due to the federal government's Carbon Capture, Utilization, and Storage (CCUS) investment tax credit.
On June 26, 2024, Shell announced its final investment decisions to proceed with two new projects: Polaris Carbon Capture and Atlas Carbon Storage Hub. The Polaris project, located at the company's Scotford refinery and chemicals project, is one of the most efficient and modern facilities of its kind in North America. Polaris will create up to 2,000 good jobs and will capture approximately 650,000 tonnes of CO2 annually. In turn, the Atlas project, which was announced in partnership with ATCO EnPower, will permanently store underground the carbon captured from Polaris.
Both of these clean energy projects were made possible by the federal government's Carbon Capture, Utilization, and Storage investment tax credit, which offers tax credits worth up to 60 per cent of eligible expenditures for certain project types. Polaris and Atlas are expected to begin operations in late 2028, securing good jobs at the Scotford Complex and thousands more across Alberta for generations to come.
The Carbon Capture, Utilization, and Storage investment tax credit is a key part of the federal government's plan to grow the economy and create good jobs for Canadians, all while reducing emissions. To ensure Canadian workers benefit, labour requirements tied to the Carbon Capture, Utilization, and Storage investment tax credit require businesses to pay prevailing union wages and create apprenticeship opportunities in order to receive the maximum tax credit rate.
