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CARBON CAPTURE AND STORAGE FUNDING ACT

CARBON CAPTURE AND
STORAGE FUNDING ACT

Chapter C‑2.5

Table of Contents

                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:

Purpose

1   The purpose of this Act is to encourage and expedite the design, construction and operation of carbon capture and storage projects in Alberta.

 

Plan and budget

2(1)  The Minister of Energy 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 of Energy 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

Payments

3(1)  The Minister of Energy 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.

 

Report

4   The Minister of Energy shall report in the Ministry’s annual report on the progress of carbon capture and storage projects funded under this Act.

 

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.