Let's talk about what's changed in Alberta. Why did we go from one project worth less than $5 billion—well, there were two. One's currently on hold and not moving ahead. One that's near completion is about $5 billion, but now we suddenly have $30 billion.
What most of the American states try to do to attract investment is they provide the signals—the carrots—through the tax code. It's not left to a political decision whether or not a company is eligible for those incentives to go ahead. What happened previously in Alberta, although the government did provide the opportunity, and what happens with the federal government is that it's done on a case-by-case basis.
What's happened now in Alberta with phase two of what was its petrochemicals diversification program and is now the petrochemicals incentive program is that if you qualify, you are eligible for a 12% grant for the value of your project, period. There's no political decision. There's no minister you have to lobby to sign off on it.
For instance, specifically with regard to the carbon capture, utilization, and storage tax credit—the ITC here in Canada—first of all, the level was not at par with what was already in the 45Q in the U.S. It was a much more narrow definition of eligible equipment. That has now expanded greatly in the U.S. It's worth at least double what ours is.
But here's the thing: If you're eligible in the U.S., you go to your shareholders and say, “I'm eligible for this tax credit.” You can build 100% of that tax credit into your business plan. What's proposed under the credit today, under consultation, is that it's left to a decision by the Minister of Environment and the Minister of Natural Resources. I'm going to my board, representing my shareholders, and saying, “Hey, there's a great opportunity here in Canada.” How much do I have to discount the eligibility for that tax credit in Canada? It's 100% in the U.S. I don't know what the number is in Canada. Is it 50%, 80%, or 20%? I don't know, but I can tell you one thing: If you're going for ministerial approval, it's not 100%.
That would be a clear example of how we have to do things differently. Alberta has shown that if you do it through a tax credit, through the tax code, it's transparent and it's not a political decision, and people will run to what we have to offer in Canada. If you leave these things up to a political decision, they will take the decision south of the border, and again, as we said repeatedly, the Inflation Reduction Act changes the game tremendously from where we were even six months ago.