Canada and TransAlta merge on “green” financing

Canadian Prime Minister Stephen Harper announced at a news conference yesterday that the Canadian government in conjunction with TransAlta Corp would be planning and funding a C$ 779 million, ($756 million) on a carbon capture project within the week.

Last week, Harper and Alberta's government said the breakdown would consist of Ottawa investing C$343 million and the Alberta government investing C$436 million over the next 15 years, "Of course, the incentive is that we all have a long-run interest, as governments, as the private sector, in developing technology that we think will be in widespread need in the decades to come," Harper said.

The TransAlta Corp plans on building their plant near Edmonton. They project to cut emissions by 1 million tones a year.

The company's objective is to cut emissions while preventing a drop in energy investment projects. TransAlta will use chilled ammonia capture technology to strip carbon dioxide from the power plant.

The gas will then be hooked up to old oil fields as well as stored in saline aquifers underground.

Critics, mostly environmentalists, do not agree with the way taxpayers are being forced to fund projects that are so experimental, with a priority given to investments not the environment.

They instead suggest that the government make taxpayers invest in alternative energy and conservation.

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Author: Caitlin Martinez

Photo: Ian Muttoo/ flickr