Hubs could advance goal set by Trudeau of cutting emissions by 40-45 per cent by 2050
Canada is encouraging companies to start new massive carbon capture projects in the country, and many are seeking to win the rights for these.
The government is pushing to provide incentives for at least two new massive carbon capture projects by 2030, according to a Global News report, citing a federal document.
Nearly a dozen oil and gas companies are also pursuing rights to store carbon dioxide in Alberta’s underground caverns, according to the report.
The creation of the new hubs would enable the country to accomplish by 2030 that which Prime Minister Justin Trudeau hopes to accomplish by 2050: cut emissions by 40-45 per cent from 2005 levels.
From 2011 to 2019 combined natural gas, condensate and natural gas liquids production in Canada’s oil and gas sector increased by 32 per cent. At the same time, emissions intensity decreased by 33 per cent, according to a report from the Canadian Association of Petroleum Producers (CAPP).
The two carbon storage hubs would be planned or under construction by 2030, with Canada sequestering at least 15 million tonnes of carbon annually by that year in total, according to the Natural Resources Department’s draft CCUS strategy, obtained by Reuters after it was shared privately in July with industry stakeholders.
Canada’s four existing projects, representing 15 per cent of global facilities, currently capture 4 million tonnes per year, according to the Canadian government.
Canada has four existing projects, representing 15 per cent of global facilities, currently capture 4 million tonnes per year, according to the Canadian government.
The rig count in North America dropped on Aug. 20 compared to the prior week, according to numbers released by Baker Hughes.