Canadian Carbon Industry Companies
Carbon sequestration in the soil removes CO 2 from the atmosphere and stores it in carbon pools in the soil. The conversion of natural ecosystems for agricultural use has led to the degradation of SOC levels and 50-100 Gt of carbon from the soil in the atmosphere since the Industrial Revolution (Lal, 2009 ). Water is not limited by increased temperatures and plant productivity, which affects the carbon balance (Maracchi et al.
Oil and gas companies shared the research that explored ways to capture carbon dioxide (CO2) from production before it is released into the atmosphere, stored and used for other purposes. Aker’s CO2 capture process can be applied to emissions from various sources: gases from cement, refineries, waste energy, hydrogen, and other industrial processes. The ACTL project is a viable carbon capture for improved oil recovery, where pressurized CO2 is injected into oilfields to increase the amount of oil extracted.
The government is committed to advances in clean technologies such as carbon capture, use and storage (CCUS) to build a clean energy future that will reach net zero emissions by 2050. In April, the technology received a boost in the federal budget when Ottawa announced a tax credit for CCUS projects invested in total emissions that would reduce CO2 by 15 megatons a year. However, although many industries and environmental groups support the development of carbon capture technologies, there are concerns that the emissions reductions calculated by carbon capture could discourage industry from any action to reduce emissions.
Canada’s federal carbon tax is set to rise from $30 today to $170 a tonne by 2030, and the new CCUS incentive is based on a 45Q US tax credit that encourages British oil companies to capture carbon. In the United States, companies that capture and use carbon, including those that improve oil production, receive carbon credits of up to $50 per tonne. Alberta also imposes a carbon tax on heavy industrial emitters, but companies earn credits for reducing stored emissions under its system.
Direct Air Capture by Climeworks is one of the few to offer technology that sucks the atmosphere for carbon. Chris Beuttler, head of climate policy in Switzerland, calls the plant a “drop in the ocean, but it’s getting bigger” as new companies like Climeworks and the government seek to expand the technology. This could reach several gigatons on a scale, not only for direct air capture technology but also for combined carbon capture solutions.
The Canadian company Carbon Engineering has been working on direct air measurement since 2015. Yesterday the Norwegian Parliament approved investment in a complete CO2 capture plant in Heidelberg. Cement, one of the largest building materials companies globally, has a Norcem plant in Brevik in Norway. The Brevik Carbon Capture and Storage (CCS) project captures 400,000 tonnes of CO2 per year for transport and permanent storage, making it the first industrial CCS project on a cement plant in the United States.
Murray Edwards, CEO of Canadian Natural Resources Ltd., is a shareholder in Carbon Engineering Ltd., whose carbon capture technology has attracted investments from tech tycoon Bill Gates and US oil companies Chevron Corp and Occidental Petroleum Ltd. Both companies see a strong future for carbon capture and EOR technologies, as global oil demand continues to remain robust. On March 18th, the biggest integrated oil producer in Canada, Suncor Energy Inc., announced it had invested in Vancouver-based carbon capture company Svante Inc.
A small group of Canadian companies is at the forefront of emission capture, developing a new type of alchemy that uses captured carbon dioxide to strengthen concrete, produces sustainable amounts of superfoods, powerful algae-based antioxidants with significant health benefits, new schools of clean hydrocarbons and biofuels and a huge carbon market that facilitates the trade in captured CO2 between industrial companies that produce large quantities of CO2 and the manufacturing processes that consume it. Four Canadian companies have made significant progress in quantifiable and commercial capture of carbon emissions from negative emission technologies and raised more than $200 million as a collective of Bill Gates, Husky, Chevron, CNRL, Inventiv Capital, and many others other venture capital firms. Finally, we will rip our arse off by saying that Akers Carbon Capture is the only publicly traded carbon capture company we know of with a market capitalization of over $1 billion.
Jan Gorski of the Pembina Institute sees the development of carbon capture and storage technologies as beneficial for decarbonizing industries such as cement and steel production. Tristan Goodman, the Explorers and Producers Association of Canada president, says that using carbon-enhanced oil extraction could help the domestic oil and gas industry reduce its emissions. Still, mostly medium-sized oil and gas producers were disappointed that they were excluded from the budget.
Cement is a key ingredient that gives concrete its strength and is responsible for 7% of global carbon dioxide (CO2) emissions. For example, emissions from power plants are used by oil companies to increase production, but oilfield companies cannot borrow for carbon capture projects.
This summer, the largest company in Akers ASA entered the renewable energy sector with the founding of Akers Offshore Wind (AKER) and the capture of CO2 from Akers Horizons.