Capital Power’s Brian Vaasjo (right) with Dan Zilnik, representing CMCRI.
Panels examined barriers and solutions to CCUS innovation in Canada.
In mid-November, members of the Toronto finance community joined stakeholders from the Canadian carbon capture, utilization and storage sector to discuss ways to grow and strengthen the sector.
The primary goal of the workshop was to better understand how to generate investment to move carbon reduction technologies forward. Conversations with stakeholders including financiers, government, academic researchers and CCUS innovators provided insight regarding multiple challenges faced by different stakeholder groups.
Four key takeaways from the event were identified:
- Stable carbon policy is essential to scale CCUS deployment. Private investment in CCUS financing requires stable carbon pricing policies and regulations that put a price on carbon and use market push and pull mechanisms.
- CCUS costs and risks need to be managed to encourage private financiers to diversify their portfolios with clean technologies. Stable carbon policy can reduce risks, making investment opportunities more attractive.
- Innovators need help navigating pathways to find and secure first buyers to transition technologies from lab scale to commercialization.
- Collaboration is critical to scale CCUS deployment. This includes strategic industrial partnerships and collaboration between government, industry (particularly first buyers), research centres, accelerators, and technology innovators.
The event was supported by the Bank of Montreal who provided the space, refreshments and logistical support, Capital Power who provided lunch, and Energy Futures Lab who led the workshop.
Results from the workshop will be compiled into a comprehensive report and circulated. Watch this website for details!