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Justin Trudeau’s government has committed to an unprecedented agreement with a Calgary carbon capture company to make decarbonisation technologies financially viable.

Through such agreements, the federal government is giving financial assistance to open doors for private-sector companies to innovate new decarbonisation projects by buying future carbon credits primarily from companies with projects such as carbon capture.  The funding is, however, aimed at “sustainable technology” projects; activities across Canada that reduce greenhouse gas emissions or remove them from the atmosphere.

Although the funder, the Canadian Growth Fund, is calling these contracts “Carbon Credit Offtake Commitment” it is a carbon offset scheme, whereby CGF is purchasing future carbon credits.

Companies that want to buy carbon credits to offset their own carbon emissions will buy them from “carbon capture” projects.  CGF’s “offtake contracts” provide revenue for a volume of “carbon credit production” when the demand, and price, from potential future buyers are unknown.

The entire carbon credit market, globally, is a scam to enable the rich to become richer off the backs of the poor.

Further reading:

• UN’s goal to reduce carbon emissions is a scam to enable the rich to become richer off the backs of the poor, The Exposé, 14 January 2023
• China calls for the UN to displace people and financialise the natural world in the name of “biodiversity”, The Exposé, 11 July 2023
• Richer countries seek to grab large swathes of land in Africa as “carbon credits” to offset their own carbon emissions – it’s a colossal scam, The Exposé, 10 December 2023

It was announced on Wednesday that Entropy Inc., a private company that developed a unique modular carbon capture along with new utilisation and storage technology, will be the first company to benefit from the scheme.  Costing CAD $200 million, the funding to Entropy will be paid by CGF, a subsidiary of the Canada Development Investment Corporation which is a Canadian Crown corporation.

Under the agreement, CGF plans to purchase 185,000 tonnes of carbon credits from Entropy at an initial price of $86.50 per tonne, for a total of approximately 2.8 million tonnes over the 15-year term.  The financing of entropy will be a direct investment in Entropy.

The cost of carbon credits purchased from Entropy is a fraction of GCF’s planned expenditure.  Over 15 years it plans to spend to the tune of CAD $15 billion to assist private companies involved in “carbon capture” technologies. Who might be ultimately paying for that enormous outlay of the public’s money; taxpayers, energy consumers perhaps?

Entropy CEO Mike Belenkie explained, “When you have a project that costs hundreds of millions of dollars, it takes a decade or so to pay out.”

“So the carbon tax is not a suitable instrument to incentivise that investment,” Belenkie said, according to National Newswatch, adding the federal contract with his company minimises the investment risk enough that they will now confidently be able to put $49 million towards its “carbon capture and storage project” at its affiliate company, Advantage Energy’s Glacier gas plant in Alberta.

“For us, this is the perfect solution,” Belenkie said. “We have 15 years guaranteed offtake, it’s more than enough for us to go out there and know that for the service we provide, we’ll be able to recover our investment.”

Executive director of Clean Prosperity Michael Bernstein said the agreement is primarily focused on carbon capture, which works out well for most of these private-sector companies.

“These companies need to know that if they’re putting in hundreds of millions of dollars of their own capital, that there’s an economic justification for that,” Bernstein said.

Coupled with the investment, Entropy and CGF have entered into a Carbon Credit Offtake Commitment agreement whereby CGF has committed to purchase up to 9 million tonnes (up to 600,000 tpa over a 15-year term) of TIER or equivalent carbon credits from Entropy projects.

It is claimed that post-investment, Entropy will have approximately $460 million of capital available which, together with investment tax credits, carbon capture incentives and project financing, establishes a path to execute over $1 billion of carbon capture and storage projects and abate more than 1 million metric tonnes per annum of emissions.

Entropy was founded by Advantage and Allardyce Bower Consulting in 2020.  Its goal is to develop world-leading technology for post-combustion carbon capture.

In March 2022, Entropy announced a strategic $300 million investment agreement with asset management company Brookfield, via the Brookfield Global Transition Fund, to scale up the deployment of Entropy’s carbon capture and sequestration technology globally.

Brookfield will continue to invest the balance of its existing $300 million hybrid security into the business, by which point it would be the largest shareholder and control Entropy. The company partnered with the University of Regina to acquire breakthrough technology and develop further advancements.

Brookfield’s Chairman and Head of Transition Investing is eco-fascist Mark Carney, former Governor of the Bank of England and Governor of the Bank of Canada, who was the most influential central banker in the world. He is probably more responsible than any other figure – except possibly his billionaire partner Michael Bloomberg – for the current rampage of environmentalist assaults on modern industrial society.

In 2015, through a task force of the UK’s Financial Stability Board, Carney together with Bloomberg, had already started a climate-related power grab by central banks.  Since then, he has continued to lead green finance initiatives to capitalise on us and the world’s natural assets.

Read more: Eco-Fascist Mark Carney is Trying to Control the World Through Green Finance

“Carbon capture and sequestration is a vital technology for reducing emissions in carbon intensive sectors” said Jehangir Vevaina, Managing Partner and Chief Investment Officer for Renewable Power & Transition at Brookfield. “Our investment agreement with Entropy was designed to accelerate the deployment of this important technology in Canada and worldwide. We welcome the additional capital and revenue certainty that the Canada Growth Fund is providing to enable Entropy’s success.”

Sources for this article include:

• Federal government offers carbon-offtake contract for ‘difference of price’ to Calgary firm, Western Standard, 20 December 2023
• Canada Growth Fund Announces Strategic Investment in Entropy Inc and Carbon Credit Offtake Commitment, Yahoo News, 20 December 2023

Featured image: Mark Carney has political ambitions; he is among a handful of potential candidates to replace Justin Trudeau as the prime minister of Canada, adapted from The Economist, 12 December 2023