CAPP Reaction to the Federal Government’s Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience

April 19, 2021, Calgary, AB

The Canadian Association of Petroleum Producers (CAPP) will continue to review the federal budget to fully understand the details; however, the emphasis on clean technology innovation and a lower emissions future is in line with industry’s goals. CAPP is encouraged to see the budget support the growth of carbon capture and storage and we look forward to working in consultation with the federal government to achieve this. Accelerating carbon capture projects will be essential to reach the government’s goal of increasing Canada’s annual carbon capture from four megatonnes to at least 15 megatonnes. It is essential we enable the full utilization of the carbon to ensure maximum benefits of this program.

The natural gas and oil industry provides about 75 per cent of all funding in Canada’s growing clean technology sector, making us the largest investor in the clean tech space. We are well-positioned to be a central pillar of the country’s economic recovery, and our work toward a cleaner-energy future can further differentiate Canadian oil and gas from our global competitors as demand rises in the years to come.

-Tim McMillan, President and CEO, CAPP