AI-assisted research summary: This Act lets the Minister fund carbon capture and storage projects, but payments are limited to specified arrangements and a $2 billion aggregate cap.
CARBON CAPTURE AND STORAGE FUNDING ACT Chapter C‑2.5 Table of Contents 1 Definition 1.1 Purpose 2 Plan and budget 3 Payments 4 Report 5 Regulations HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: Definition 1 In this Act, “Minister” means the Minister determined under section 16 of the Government Organization Act as the Minister responsible for this Act. 2022 c21 s8 Purpose 1.1 The purpose of this Act is to encourage and expedite the design, construction and operation of carbon capture and storage projects in Alberta. 2009 cC-2.5 s1;2022 c21 s8 Plan and budget 2 (1) The Minister shall prepare and provide to the President of Treasury Board and Minister of Finance an annual plan and budget to carry out the purpose of this Act. (2) The Minister may, on reasonable notice to the President of Treasury Board and Minister of Finance, having regard to the annual plan and budget referred to in subsection (1), make payments in accordance with section 3(2). (3) Payments under this Act shall be paid out of the General Revenue Fund. (4) The aggregate of all payments out of the General Revenue Fund under this Act shall not exceed $2 000 000 000. 2009 cC‑2.5 s2;2013 c10 s33;2022 c21 s8 Payments 3 (1) The Minister may make grants to carry out the purpose of this Act. (2) A payment under this Act may only be made (a) pursuant to a grant agreement entered into by the Minister, (b) pursuant to a contract for service entered into by the Minister in relation to (i) evaluating and selecting carbon capture and storage projects, or (ii) administering, monitoring or enforcing a grant agreement, or (c) in any other circumstances authorized by the regulations. 2009 cC-2.5 s3;2022 c21 s8 Report 4 The Minister shall report in the Ministry’s annual report on the progress of carbon capture and storage projects funded under this Act. 2009 cC-2.5 s4;2022 c21 s8 Regulations 5 The Lieutenant Governor in Council may make regulations (a) respecting requirements and conditions for making a payment under a grant agreement or contract for service; (b) respecting requirements and conditions for entering into a grant agreement or contract for service under which a payment is to be made under this Act; (c) respecting other circumstances in which a payment may be made under this Act; (d) respecting any other matter the Lieutenant Governor in Council considers necessary to carry out the purpose of this Act.