BAKU, Azerbaijan, November 15. Carbon management is key to addressing global warming and keeping the planet's temperature within 1.5 degrees, said Catherine Stewart, Canada's Ambassador for Climate Change, at the COP29 Ministerial Conference on Carbon Management, TurkicWorld reports.
"Canada is home to some of the world’s leading carbon management technology companies and accounts for approximately one-sixth of all commercial carbon management projects globally. Additionally, we have a range of new initiatives currently under development," she said.
The Ambassador noted that Canada boasts a strong regulatory framework with key incentives for the implementation of carbon projects. These include a national carbon price and tax credits for Carbon Capture and Utilization (CCU) technologies, estimated to be worth up to $7 billion by 2030. She also highlighted strategic investments such as the Canadian Growth Fund, which has allocated $15 billion.
Stewart pointed out the growing number of political measures aimed at carbon dioxide removal technologies, including the development of protocols for direct air capture and carbon storage. Furthermore, the Canadian government has committed to purchasing carbon removal services worth at least $10 million by 2030.
