Calgary, Alberta, March 13, 2023 – Following the end of CERAWeek, the world's premier energy conference, the Calgary Chamber calls on the next provincial government to support and promote a diversified energy mix across the province. Maintaining a secure supply of energy requires a combination of traditional resources such as oil and natural gas, in addition to renewables like wind, solar, bioenergy and nuclear. The province must invest and support diversification of Alberta’s energy sector including investments in hydrogen and Carbon Capture and Storage (CCS) and Carbon Capture Utilization and Storage (CCUS) to ensure future economic prosperity.
“The past year has reaffirmed the importance of energy security globally,” says Deborah Yedlin, President and CEO of the Calgary Chamber of Commerce. “And while Alberta remains a place of opportunity to leverage our natural resources, we cannot get there without collaboration between governments and business, and a clear, consistent and timely regulatory process. As an important energy producing jurisdiction, we need to compete with incentives such as the US Inflation Reduction Act (IRA) if we are to continue to attract investment that supports decreasing emissions and maintaining the competitiveness of Alberta’s energy sector.”
Our recommendations
Promote a diversified energy mix
- De-risk market access investments for a suite of energy products, including oil and natural gas, hydrogen, ammonia, liquified natural gas and others by reducing regulatory timelines.
- Implement legislation that is competitive with the U.S. IRA, to serve as an important economic incentive for the development of low-carbon alternatives, that support the decarbonization of hard-to-abate sectors. This includes hydrogen, propane and biodiesel, and supporting the development and adoption of CCUS and Direct Air Capture (DAC) options. These need to be clear, transparent and easy to to implement.
Advance Alberta’s hydrogen potential
- Create a stackable 40 per cent production tax credit to support the development of low-carbon hydrogen projects and ancillary activities.
- Advance private-public partnerships to support hydrogen blending studies to lower emissions while leveraging the use of new and existing energy transmission infrastructure.
Capitalize on CCS and CCUS
- Create a stackable 50 per cent production tax credit for CCS and CCUS, accelerating the development of both options to support decreasing emissions at source.
- Work with other levels of government to deploy funding that targets CCS and CCUS projects, including funds from the federal Strategic Innovation Fund.
ABOUT THE CALGARY CHAMBER OF COMMERCE
The Calgary Chamber exists to help businesses thrive. As the convenor and catalyst for a vibrant, inclusive, and prosperous business community, the Chamber works to build strength and resilience among its members and position Calgary as a magnet for talent, diversification, and opportunity. As an independent, non-profit, non-partisan organization, we build on our 131-year history to serve and advocate for businesses of all sizes, in all sectors, and across the city.
Media opportunities
For media inquiries, please contact Shannon Hazlett, Senior Public Relations Advisor, at media@calgarychamber.com.
