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Jericho Energy Ventures' Hydrogen Technologies Ideally Positioned to Help Canada's Industrial and Commercial Sectors Following 25% Carbon Tax Hike
NEWTOWN, PA and VANCOUVER, BC / ACCESSWIRE / April 20, 2022 / Hydrogen Technologies, LLC ...
About this update from Jericho Energy Ventures Inc
[{"type":"text","content":"Jericho Energy Ventures' Hydrogen Technologies Ideally Positioned to Help Canada's Industrial and Commercial Sectors Following 25% Carbon Tax HikeNEWTOWN, PA and VANCOUVER, BC / ACCESSWIRE / April 20, 2022 / Hydrogen Technologies, LLC (\"Hydrogen Technologies\" or \"HT\"), a wholly owned subsidiary of Jericho Energy Ventures Inc. (TSXV:JEV)(OTC PINK:JROOF)(Frankfurt:JLM0) (\"Jericho\" or \"JEV\" or the \"Company\"), expects to play a growing role in Canada's energy transition by providing market-ready, real world, lower carbon solutions to organizations following Canada's most recent Carbon Tax Increase.On April 1, 2022, the Government of Canada increased the national tax on pollution by an additional 25% (or $10 per tonne) of greenhouse gas emissions, in most provinces. The increase brings the total price in applicable provinces to $50 per tonne, which adds another 2.2 cents to the cost of a litre of gasoline, or 11 cents total. The federal tax applies directly in Ontario, Manitoba, Saskatchewan and Alberta, with British Columbia, New Brunswick and Prince Edward Island also raising their provincial carbon taxes to match the new federal rate.The Canadian government also announced a new emissions-reduction plan which includes $9.1 billion in new spending for climate programs and Ottawa has pledged to reduce emissions 40 per cent below 2005 levels by 2030 while striving to achieve net zero by 2050.Hydrogen Technologies has made significant progress in the Canadian market with its breakthrough cleanH2steam Dynamic Combustion Chamber™ (DCC™) zero-emission hydrogen boiler, and management anticipates expanded adoption of the DCC™ following the latest carbon tax increase.In the first quarter of 2022, HT was retained by three multi-national corporations to provide feasibility studies for the utilization of its DCC™ clean steam generation, with four locations of these studies located in Canada. Each study offers the potential to rollout the DCC™ at many more locations across these organizations.Brian Williamson, CEO of Jericho, stated, \"With Canada's stated policy to increase the carbon tax by $15 annually going forward until it reaches $170 in 2030, Canadian industrial and commercial companies now must consider significantly reducing hydrocarbon fueled capital expenditures. This presents a potential o...