Canadian Association of Petroleum Producers (CAPP) Statement on the 2023 Federal Fall Economic Statement
Calgary, Alberta (November 21, 2023)
“While many of the details are yet to be released, there are three areas of interest CAPP will be watching closely in the coming weeks.
First, the federal government announced it will soon release legislation on the Carbon Capture Utilization and Storage Investment Tax Credit. The CCUS ITC as well as additional resources for carbon contracts for differences are critical pieces needed for carbon capture projects to proceed and if it is competitive with other jurisdictions, it has the potential to unlock significant private sector investment.
Secondly, progress on getting major projects built faster in Canada is encouraged by CAPP and we look forward to engaging with the announced Ministerial Working Group on Regulatory Efficiency for Clean Growth Projects, which has been tasked with developing a plan in the coming months.
Thirdly, we strongly agree with the introduction of a National Indigenous Loan Guarantee Program to be included in the upcoming National Benefits Sharing Framework. Oil and natural gas projects make up the largest share of Indigenous equity agreements in Canada, which makes it important the industry is included in the program. We will continue to work collaboratively with the government on developing approaches that will accelerate the development of CCUS, major projects and Indigenous equity opportunities in Canada.”
- Lisa Baiton, CAPP President & CEO
The Canadian Association of Petroleum Producers (CAPP) is a non-partisan, research-based industry association that advocates on behalf of our member companies, large and small, that explore for, develop, and produce oil and natural gas throughout Canada. Our associate members provide a wide range of services that support the upstream industry. CAPP’s members produce nearly three quarters of Canada’s annual oil and natural gas production and provide more than 400,000 direct and indirect jobs in nearly all regions of Canada. In 2022 across Canada, our industry contributed $111 billion to the Gross Domestic Product (GDP) in addition to paying $45 billion in taxes and royalty payments. CAPP is a solution-oriented partner and works with all levels of government to ensure a thriving Canadian oil and natural gas industry. We strive to meet the need for safe, reliable, affordable, and responsibly produced energy, for Canada and the world. We are proud to amplify industry efforts to reduce GHG emissions from oil and gas production and support Indigenous participation and prosperity.