Tag #Industry Funding

What are the immediate implications of Alberta's proposed shift from taxpayer-backed to province-managed funding for inactive oil well reclamation?

A new report proposes an industry-funded insurance program managed by the Alberta government to address the province's nearly 80,000 inactive oil wells, shifting from a previous suggestion of taxpayer backstopping. This change follows criticism of an earlier draft that implied oil and gas companies might avoid cleanup responsibilities. The report also recommends creating new companies to manage and potentially profit from the reclamation of these wells.