Thank you Minister Davis.

Good morning everyone. Thank you Premier Furey. Minister Parsons.

On behalf of econext, we are very pleased to be here today at the launch of the CCUS Innovation Challenge.

econext is an association that is working to accelerate clean growth in Newfoundland and Labrador by supporting and driving environmentally sustainable economic development.

In recent years we have found ourselves increasingly busy in helping Newfoundland and Labrador explore how it can fight climate change in terms of both strategy and technology.

Our analysis, through our Net Zero Project tells us that net zero by 2050 is simply not achievable in Newfoundland and Labrador (or the world) without initiatives that result in negative greenhouse gas emissions – or, projects that take carbon out of the atmosphere.

Carbon capture, utilization, and storage is a promising technology that can help us get there. It’s a technology with which we have some expertise in this province, and there is great opportunity for green economic development by focusing our efforts on solving this global issue.

And therefore, econext is thrilled with the creation of the CCUS Innovation Challenge. Targeted investments in innovation like the one being made today will help put our province on the leading edge of cleantech development on an international basis.

These technologies need to be advanced in order for us to reach net zero… and as luck would have it, we have no shortage of creative minds in our private sector and have experts in our post-secondary institutions – like Dr. James – that can move the needle forward.

And while some of the focus, rightfully so, is on the development of CCUS as it relates to our offshore oil and gas industry, the long term opportunity here for our province extends beyond that into some exciting areas of technology and we can’t wait to see what comes from this Innovation challenge.

To say that the future is bright for climate action in our province is a bit of an understatement.

From the low-carbon oil that we export, to the future production of clean fuels like hydrogen, to energy storage interventions, to mining the critical minerals that are required for electric vehicles batteries and other clean technologies, to carbon capture utilization and storage… our tiny province of Newfoundland and Labrador is going to have a mighty impact in the world’s fight against climate change. This will be great for our province’s environment and economy.

And so, a congratulations is deserved for Premier Furey, Minister Davis, and Minister Parsons on the launch of the CCUS Innovation Challenge.

Newfoundland and Labrador is positioning itself as an international leader in the energy transition, and timely and aggressive investments like this one go a long way in supporting that.

Thank you,