Dow Canada has announced that construction will begin on a $11.5 billion carbon neutral project near Fort Saskatchewan next year.
The project, with help from the provincial and federal government, is aiming to make Dow carbon neutral by 2050.
There was a media conference in Fort Saskatchewan on Wednesday to announce the project. The conference was attended by Dow chair Jim Fitterling, Deputy Prime Minister Chrystia Freeland, Alberta Premier Danielle Smith, and Fort Saskatchewan Mayor Gale Katchur.
Dow revealed their plans to make the site carbon neutral two years ago, with construction set to begin in 2024. The project is expected to bring in 8,000 jobs during construction, and between 400 and 500 full time jobs when complete.
Freeland said that this kind of project is the first of its kind on Earth.
“It’s the very first announced major project in Canada that is getting off the ground thanks to support from our investment tax credit for carbon capture, utilization and storage as well as our investment tax credit for clean hydrogen,” Freeland said.
Dow chose the Fort Saskatchewan facility due to its highly cost competitive natural gas and cost advantage ethane.
Dow added that they aim to reduce annual emissions by 15 per cent by 2030 and are hoping to go completely carbon neutral by 2050.
