{"id":12228,"date":"2023-11-10T15:43:01","date_gmt":"2023-11-10T15:43:01","guid":{"rendered":"https:\/\/infundpros.com\/business\/canada-lines-up-4bn-green-hydrogen-project-in-cleantech-push\/"},"modified":"2023-11-10T15:43:01","modified_gmt":"2023-11-10T15:43:01","slug":"canada-lines-up-4bn-green-hydrogen-project-in-cleantech-push","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=12228","title":{"rendered":"Canada lines up $4bn green hydrogen project in cleantech push"},"content":{"rendered":"<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=2bf0fa89-b105-4a1c-9a98-bc4a71f95b6c\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Belgian hydrogen start-up Tree Energy Solutions said on Friday it would build a $4bn plant in Quebec to produce synthetic natural gas with green hydrogen, as Canada tries to compete with the US in a race to secure cleantech investment.<\/p>\n<p>TES Canada will develop the project in Quebec, producing 70,000 tonnes of green hydrogen a year by 2028, among the largest committed in Canada to date. The bulk of production will be used to generate what the company calls \u201celectric natural gas\u201d, a nearly emissions-free fuel created by combining captured carbon and green hydrogen.<\/p>\n<p>Marco Alver\u00e0, TES\u2019s chief executive and former boss of Italy\u2019s gas network Snam, told the Financial Times that Canada\u2019s cheap hydropower resources, energy demand and tax credits made the country an attractive destination for the project.<\/p>\n<p>\u201cTax credits like the [Inflation Reduction Act], like the Canadian plan really help because they cover part of the cost difference and that\u2019s really important to get the ball rolling,\u201d said Alver\u00e0. \u201cThe EU cannot do a tax credit the way that the US and Canada can\u2009.\u2009.\u2009.\u2009It\u2019s less business-friendly.\u201d<\/p>\n<p>Hydrogen tax credits in the IRA are uncapped, making the US one of the top destinations to produce the fuel. In its 2023 budget, Canada introduced a C$17.7bn (US$12.8bn) tax credit to compete for projects.<\/p>\n<p>The announcement comes as US allies race to build the nascent green hydrogen industry and compete with Biden\u2019s IRA, while accusing the law of protectionism.<\/p>\n<p>Jonathan Wilkinson, Canada\u2019s natural resources minister, told the FT earlier this year that the IRA created an \u201cunlevel playing field\u201d for Europe and Canada and warned the US against triggering a \u201ccarbon subsidy war\u201d with its allies.<\/p>\n<p>But Canadian officials have also acknowledged that the country is projected to miss its 2030 emissions reduction targets. Canada\u2019s federal government introduced one of the west\u2019s most aggressive carbon taxes, but it remains one of the world\u2019s largest oil producers with ambitions to increase supplies through a controversial new pipeline \u2014 funded by Ottawa \u2014 to the Pacific coast. <\/p>\n<p>In May, TotalEnergies and TES announced a $2bn synthetic natural gas plant in the US, a decision accelerated by the IRA. TES plans to build a dozen projects globally in the next five years. <\/p>\n<p>Green hydrogen, which is produced by splitting water using renewable electricity, has been hailed as the Swiss army knife of the energy transition for its potential to decarbonise hard-to-abate sectors such as heavy industry.<\/p>\n<p>Canada has placed major bets on clean hydrogen, with plans to source 30 per cent of its energy from the fuel by mid-century, up from virtually zero today, and become one of the top three global producers.<\/p>\n<p>Synthetic natural gas is molecularly identical to natural gas and can be used in existing infrastructure. Critics of the fuel worry about the risks of methane leakage in production and its cost competitiveness to reach climate targets.<\/p>\n<p>Technology to capture carbon has been around for years and has long been considered essential to decarbonisation but remains expensive and has never achieved scale despite hefty subsidies.<\/p>\n<p>TES believes in the viability of the sector, as countries set future bans on internal combustion engines and introduce hydrogen targets, and the production of electrolysers to make green hydrogen scales up. <\/p>\n<p>\u201cAs electrolyser costs go down, we will make [electric natural gas] cheaper than oil,\u201d said Alver\u00e0. <\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/2bf0fa89-b105-4a1c-9a98-bc4a71f95b6c\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Belgian hydrogen&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-12228","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Canada lines up $4bn green hydrogen project in cleantech push | inFundPros<\/title>\n<meta name=\"description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Belgian hydrogen start-up Tree\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=12228\" \/>\n<meta property=\"og:locale\" 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