Japanese trading house will acquire a large equity interest in a carbon capture venture
Japanese trading house Sumitomo Corp. has joined a Calgary-based company that is pushing for Indigenous participation in energy transition projects for a proposal to build a carbon transport network in southern Alberta .
However, the two operations are separate and not reliant on each other, said Stephen Mason, RETI’s chief executive officer. His group conceived its energy transition unit while Ottawa’s sale process for the government-owned Trans Mountain project dragged on. Sumitomo began talks with RETI more than a year ago, and the two signed an exclusivity agreement in October, Mr. Mason said.
Beyond the carbon network, the two companies are considering related ventures. RETI is doing early design work on a sustainable aviation fuel facility that could take CO2 from the carbon stream, and Sumitomo may lead development of a direct air capture plant that would remove carbon from the atmosphere.
“RETI has a team with vast experience and strong relationships with the local Indigenous communities and has their project located in a region which is ideal for several significant regional emitters,” Mr. Hasegawa said in a statement to The Globe and Mail. However, the technology has hit bumps in the province, which sees it as key to reducing CO2 emissions. Early this month, Capital Power Corp. cancelled $2.4-billion project to capture and store carbon at its Genesee gas-fired power plant, saying the costs were too high. Meanwhile, the major oil sands producers that make up the Pathways Alliance have not yet committed to a long-planned $16.5-billion CCS project they have said requires significant taxpayer subsidy.
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