The XPRIZE is a carbon capture, utilization and storage (CCUS) technology competition that builds on Canada’s early leadership. For two decades Canadian operators have been moving captured CO2 from industrial processes to per- manent storage deep underground, often using the CO2 to enhance oil recovery, generating economic benefits like jobs and government revenues. XPRIZE contestants are working to widely expand the application of CCUS, with teams using CO2 to create products like concrete, vodka, and sun- glasses. Canada’s CCUS opportunity The International Energy Agency (IEA) says it will be “virtually impossible” to meet global green- house gas emissions reduction targets without more CCUS. The governments of Canada and Alberta recently
committed to working together to advance CCUS technologies. In March, federal natural resources minister Seamus O’Regan and Alberta energy minister Sonya Savage announced the launch of the Alberta–Canada CCUS Steering Committee, which will “leverage Alberta’s early CCUS lead- ership to advance climate goals, attract project investments and support economic recovery and future prosperity.” Canada’s CCUS opportunity is substantial, according to ATB Capital Markets. Analysts estimate that global CCUS investments could be in the US$375 billion to US$650 billion range by 2030 – with up to $45 billion in revenue potential for Canada. Megatonne milestone Meanwhile, Canada’s operating CCUS projects are marking milestones. The world’s largest CO2
infrastructure project – located in central Alberta – recently achieved the capture and storage of one million tonnes of CO2, the equivalent of taking approximately 350,000 cars off the road, less than one year after starting operations. The $900-million Alberta Carbon Trunk Line (ACTL) captures CO2 from an oil refinery and a fertilizer plant and transports it to a mature oil field, where it is used to producing previously unrecoverable resources while being seques- tered deep underground.
“Theentire industry is focused on how we move forward and what are the clean technolo- gies we need.”
(Map of the Alberta Carbon Trunk Line system. Courtesy of Canadian Energy Centre &Enhance Energy)
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APRIL 2021 • SPOTLIGHT ON BUSINESS MAGAZINE
SPOTLIGHT ON BUSINESS MAGAZINE • APRIL 2021
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