CAPP responds to Government of Canada’s 2023 Fall Economic Statement

The Canadian Association of Petroleum Producers (CAPP) recently responded to Government of Canada’s 2023 Fall Economic Statement.

Lisa Baiton, CAPP president and CEO, stated that while many of the details are yet to be released, there are three areas of interest CAPP will be watching closely in the coming weeks.

“First, the federal government announced it will soon release legislation on the Carbon Capture Utilization and Storage Investment Tax Credit. The CCUS ITC as well as additional resources for carbon contracts for differences are critical pieces needed for carbon capture projects to proceed and if it is competitive with other jurisdictions, it has the potential to unlock significant private sector investment,” Baiton says. “Secondly, progress on getting major projects built faster in Canada is encouraged by CAPP and we look forward to engaging with the announced Ministerial Working Group on Regulatory Efficiency for Clean Growth Projects, which has been tasked with developing a plan in the coming months. Thirdly, we strongly agree with the introduction of a National Indigenous Loan Guarantee Program to be included in the upcoming National Benefits Sharing Framework. Oil and natural gas projects make up the largest share of Indigenous equity agreements in Canada, which makes it important the industry is included in the program. We will continue to work collaboratively with the government on developing approaches that will accelerate the development of CCUS, major projects and Indigenous equity opportunities in Canada.”