The Canadian oil and gas well drilling industry is pushing for a share in the tax credit incentives typically allocated for decarbonization efforts. This move is motivated by the industry's ongoing efforts to lessen its environmental impact, amidst a global shift towards green and sustainable energy. Based in Calgary, the heart of Canada's energy sector, stakeholders are making a case for their roles in the transition to a less carbon-intensive economy.
1. The Canadian oil and gas well drilling industry is seeking a share in tax credit incentives currently reserved for decarbonization initiatives.
2. This push is part of the industry's broader efforts to reduce its environmental impact in line with global shifts towards sustainable energy.
3. Stakeholders based in Calgary, the epicenter of Canada's energy sector, are advocating for the industry's pivotal role in moving towards a less carbon-intensive economy.
4. The Canadian Association of Oilwell Drilling Contractors (CAODC) is leading the appeal for industry-specific tax credits, arguing that these would facilitate the transition to a sustainable fuel model.
5. Tax credits for actions like carbon capture and storage could be crucial, and by offering these financial incentives, the government could harness existing infrastructure for renewable energy, accelerating the move towards decarbonization.
In 2019, the oil and gas extraction industry accounted for 26.0% of Canada's total greenhouse gas emissions.
The Canadian Association of Oilwell Drilling Contractors (CAODC) has been leading the push for industry-specific tax credits. It widely contends that such incentives would assist in transitioning the fossil fuel sector towards a more sustainable, cleaner fuel model. With climate change at the forefront of global concerns, tax credits for autonomous initiatives like carbon capture and storage could prove essential. By providing financial incentives, the government could potentially harness the existing resources and infrastructure for renewable energy, thus accelerating the shift towards decarbonization.