Achieving Net Zero By 2050: The MMV Plan As A Fundamental Component To Carbon Sequestration Operations

The Government of Canada adopted the Canadian Net-Zero Emissions Accountability Act in 2021 that sets an aggressive emissions reduction target of 40 to 45 percent below 2005 levels and net-zero by 2050, followed by the introduction of the 2030 Emissions Reduction Plan on March 29, 2022 for achieving those legislative requirements. In that regard, the net-zero transition exposes all sectors of the economy to disruption, and along with the upstream oil and gas sector, are facing increased scrutiny of their commercial operations, including environmental, social and governance objectives.

The International Energy Agency has identified carbon capture, utilization and storage (CCUS) as a critical component to achieving net-zero goals. In comparison to other technologies, CCUS offers a unique value proposition as it can reduce emissions directly from commercial operations and also remove emissions from the atmosphere. Critical to the success of CCUS is ensuring that