Hugh Helferty, Jane Savage and Myles Allen published this article in Canada’s National Observer addressing the debate in Canada over carbon capture, utilization and storage (CCUS) tax credits. Rather than using taxpayer dollars to reward companies for CCUS, or not encouraging CCUS at all, a Carbon Takeback Obligation would harness the power of oil and gas companies to address climate change.
From the article:
This follows the fair and reasonable concept of extended producer responsibility. A carbon takeback obligation will ensure the companies that profit from the sale of oil and gas are held responsible for the impact of these products.
Over time, some fossil fuel producers will innovate and develop large carbon capture facilities, allowing vast amounts of carbon dioxide to be permanently stored deep underground. Others will favour approaches that diversify earnings away from producing fossil fuels. But under no circumstances should Canadian taxpayers pay the bill for carbon capture, utilization and storage. The oil and gas industry can do this on its own with its enormous innovative potential and financial capacity.
Read the full article here.