A couple of months ago, the Canadian Federal Government Prime Minister Justin Trudeau announced that Canada would cut carbon emissions by 40-45% from 2005 levels by 2030 and increase the carbon price to C$ 170/tonne by 2030 from the current C$ 40. Currently, the application of carbon capture utilization and storage (CCUS) technologies would become a trillion-level global business with the government's policy support and increasing investment from public and private firms.
The two carbon capture and storage hubs included in the government's incentives would be constructed by 2030 and make Canada the leading country to demonstrate CCUS technologies. There are already four CCUS projects operating in Canada that can capture 4M tonnes of CO2 per year. By 2030, Canada can capture 15M tonnes of CO2 annually with continuous investment and facility construction. The increasing carbon price is attracting more and more private investment to the CCUS industry.