Reported 2 days ago
Imperial Oil Ltd., part of Exxon Mobil Corp., is requesting additional government funding for a C$16 billion ($11 billion) project aimed at implementing carbon capture and storage technology to reduce emissions by 2030. Currently benefiting from a 50% federal tax credit and a proposed 12% provincial support, CEO Brad Corson states that the existing 62% government backing is insufficient and they are seeking a total of 75%. The project is part of the broader Pathways Alliance initiative to decrease emissions significantly by 2030 and achieve net-zero by 2050.
Source: YAHOO