Petrochemical giant Dow Chemical is going big in its decarbonization efforts at its site in Fort Saskatchewan, Alta., with help from the provincial and federal governments.

Dow’s board on Tuesday approved an investment in the $8.9-billion Path2Zero project as the chemical maker aims to become carbon neutral by 2050.

“The fact that we are here and that we do have a solid path forward is a testament of the ability for all involved to adapt in the face of shifting circumstances and to adjust as the economic conditions have changed,” Jim Fitterling, Dow’s chair and chief executive officer, said Wednesday morning in Fort Saskatchewan during a media conference. “That support along with the support from our Indigenous neighbours, the local community and an entire host of long-term strategic partners was crucial to our decision to invest here.”

Alberta Premier Danielle Smith and Deputy Prime Minister Chrystia Freeland, among others, joined Fitterling in Fort Saskatchewan for the project’s announcement.

Dow, which first revealed plans to make the site carbon neutral two years ago, plans to begin construction next year. Ottawa says the project will add 8,000 jobs during construction and between 400 and 500 full-time jobs when complete. Capacity additions are expected to come online in phases, with the first starting up in 2027 and would add around 1,285 kilotonnes per annum (KTA) of ethylene and polyethylene capacity.

The second phase, starting up in 2029, would add an additional 600 KTA of capacity.

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