Feds sign first carbon contract for difference with Calgary based Entropy
Global News
A Calgary carbon capture company has signed a first-of-its-kind carbon offtake agreement with the federal government.
A Calgary carbon capture company has signed a first-of-its-kind carbon offtake agreement with the federal government, a significant milestone that some say could help unlock future private-sector investments in decarbonization projects.
The federal Liberal government announced Wednesday that it has signed a deal with Entropy Inc., a privately owned company that has developed a unique modular carbon capture, utilization and storage technology.
The agreement will see the federal Canada Growth Fund — which is making a $200 million direct investment in Entropy — also provide the company with a large-scale, long-term fixed-price carbon credit offtake framework.
Under the terms of the deal, the Canada Growth Fund has agreed to purchase up to 185,000 tonnes of carbon credits from Entropy for a 15-year term at an initial price of $86.50 per tonne.
The federal government promised in its recent fall economic statement to introduce a carbon contracts for difference framework in order to give certainty to companies considering investing in emissions reducing technology.
Carbon contracts for difference reduce the risk for businesses investing in clean technologies by guaranteeing the price of carbon for a fixed period of time.
In other words, if the federal carbon price is cancelled by a future government or does not increase as projected, having a contract for difference in place gives companies the assurance that their pricey investments in decarbonization technologies will still be worthwhile.
“When you have a project that costs hundreds of millions of dollars, it takes a decade or so to pay out. So the carbon tax is not a suitable instrument to incentivize that investment,” said Entropy CEO Mike Belenkie in an interview.
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