Canadian Prime Minister Mark Carney and Alberta Premier Danielle Smith signed a MOU to strengthen federal-provincial collaboration in Canada’s energy sector. The agreement aims for net-zero emissions by 2050, unlock the potential of Alberta’s energy resources, and create jobs for Canadians.
Under the MOU, Canada and Alberta will collaborate on multiple projects. These include advancing Pathways Plus, one of the world’s largest carbon capture, utilization, and storage projects. The project will strengthen Canada’s energy sector, reduce emissions, and deliver substantial economic benefits. This entails more than $16 billion in GDP and over 40,000 jobs annually.
Upon receipt of a proposal from the Government of Alberta, the Canadian Government will provide an approval process (under the Building Canada Act) for the construction of a new pipeline, which would transport at least one million low-emissions barrels per day to Asian markets as a priority. As a prerequisite, Pathways Plus means Alberta would export some of the lowest carbon-intensity oil produced in the world.
The MOU also advances attracting foreign and private investment, and build a more sustainable economy, which includes a strong industrial carbon pricing agreement for the province and an agreement to lower methane emissions by 75% over the next decade.
Courtesy of The Office of the Prime Minister of Canada.