Alberta commits $60-million to help transform industry in the province

Source: Emma Graney | · THE GLOBE AND MAIL · | July 12, 2023

In all his years in the oil and gas sector, Strathcona Resources Ltd. president and chief executive Rob Morgan has never seen so much co-operation between companies as they scramble to reduce emissions and remain competitive in a global market that’s focusing on net-zero.

On Wednesday, his company received $7-million from clean-tech investor Emissions Reduction Alberta (ERA) to help fund a $30-million project to capture carbon from natural gas fired turbines used at its Lindbergh oil sands facility near Cold Lake, Alta. It’s expected to permanently sequester underground about 95 per cent of carbon dioxide emissions from the turbines, capturing about 37,000 tonnes per year.

“We think it is a game changer for the industry,” Mr. Morgan said Wednesday.

The project is one of 14 emissions-reducing initiatives selected by ERA for a share in $60-million from the province’s carbon tax on large emitters. Some of the projects are ready to go, others are earlier in their development phase. But if all are deployed, combined they will reduce Alberta’s greenhouse gas emissions by around 700,000 tonnes by 2030 and create about 1,700 new jobs, ERA says.

The funding “can fundamentally transform our energy and emissions footprint and build our economy at the same time,” ERA chief executive Justin Riemer said Wednesday.