Mr. Craig Golinowski at the Environment and Sustainable Development Committee

On September 23rd, 2022. See this statement in context.

September 23rd, 2022 / 1:15 p.m.

President and Managing Partner, Carbon Infrastructure Partners Corp.

Thanks for the question.

Broadly speaking, the Inflation Reduction Act for carbon capture addresses two major areas. The first is a significant increase in the value. For geologic storage, the 45Q tax credit will be $85 U.S. per tonne and $60 per tonne for enhanced oil recovery. It's worth pointing out that the Canadian investment tax credit that was announced specifically excludes enhanced oil recovery.

See context to find out what was said next.