carbonNEXT, Canada’s commercialization hub for carbon capture, utilization, storage (CCUS), and monitoring technologies, is pleased to announce $1,750,000 in funding from the federal government and one of Canada’s leading financial institutions.
Over three years, PrairiesCan is investing more than $1.5 million, and Scotiabank is investing $250,000. This investment will support small- and medium-sized firms to accelerate the commercialization of critical technologies to achieve Canada’s climate ambition and build industry competitiveness.
The value of the global CCUS market could reach over $1 trillion by 2050 as the world aims to mitigate the effects of global warming according to Carbon 180. Net zero success will require quicker implementation of CCUS technologies across a range of industrial sectors and applications. Canada has established a leading role in CCUS globally, as home to five of 27 industrial-scale facilities, 14 per cent of all CCUS patents and four XPRIZE winners.
Carbon Management Canada and Foresight Canada share a goal to accelerate CCUS ventures with one-window access to training and mentoring, CCUS technology validation facilities, industry partners and investors, thought leadership and sector marketing. Established in 2021, carbonNEXT builds on Canada’s early leadership in CCUS technology development and project deployment and brings partners together to energize innovation, accelerate commercialization, and fast-track adoption of carbontech solutions.
“Carbon capture, utilization and storage technologies will play a vital role in enabling Canada to meet its net-zero commitments, creating high-quality jobs and economic opportunities across the Prairies. Alberta businesses are leading the way in reducing our carbon footprint, and our government’s support for carbonNEXT will further bolster the capacity of small- and medium-sized firms to test, validate and commercialize new solutions and applications that can help reduce emissions across many different industries and sectors. This is just one of many examples of our government partnering with local leaders and businesses across the Prairies working to reduce greenhouse gas emissions, fighting climate change, and securing a brighter, cleaner future for our kids and grandkids.”
– The Honourable Dan Vandal, Minister for PrairiesCan
“At Scotiabank, we recognize that efforts to address climate change will require action from both the public and private sectors. As part of our commitment to being a net-zero bank by 2050 we are pleased to partner with carbonNEXT to help drive the development and scaling of Canadian CCUS ventures. Our partnership will support carbonNEXT as it works to accelerate commercialization and adoption of Canada’s carbontech solutions, positioning Canada as a global leader in CCUS.”
– Kim Brand, Vice President & Global Head, Sustainability, Scotiabank
“As Canada’s largest cleantech accelerator, Foresight is committed to supporting Canada’s most promising CCUS ventures as they shape the global transition to a net zero economy. Through partnerships like this, carbonNEXT energizes innovation, accelerates commercialization, and fast-tracks adoption of carbontech solutions.”
– Jeanette Jackson, CEO, Foresight Canada
“CCUS is imperative for industrial decarbonization. According to the International Energy Agency, over half of the technologies needed aren’t yet commercialized. We welcome partners seeking to join PrairiesCan and Scotiabank in accelerating carbontech in Canada through support for carbonNEXT.”
– Jason Switzer, Director of Carbontech, Carbon Management Canada