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New Federal Government Tax Credit for Carbon Capture Offered to Fossil Fuel Companies by Canada
CCUS has been described by academics as a costly distraction from mitigating and adapting to climate change. A recent study from Stanford University described CCUS as doing more harm than good by not addressing other pollutants produced by industrial processes. These include sulphur and nitrous oxides. It also noted that the technology is extremely expensive, and stated its implementation does more damage than doing nothing at all with no net social benefit.
New Federal Government Tax Credit for Carbon Capture Offered to Fossil Fuel Companies by Canada
A new Canadian federal government tax credit is being given to fossil fuel, steel, and cement companies to cover up to 60% of the costs in implementing carbon capture and utilization. This represents a $2.6 billion government giveaway to an industry that made $22 billion in profit in 2021.
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