Companies with experience in related products, services, and technology may want to explore opportunities in this industry.
According to the Canadian Association for Petroleum Producers, Alberta’s oil sands are the largest deposit of crude oil on the planet. However, global publications (such as National Geographic) have historically pointed to this oil-rich region as a major contributor to the carbon emissions footprint.
According to a recent Bloomberg report in the Financial Post, Alberta is looking to use hydrogen to fuel expansion of its oil sands without increasing emissions. In fact, the region is attracting a growing group of researchers and entrepreneurs that believe the region’s vast resources can turn it into one of the world’s largest hydrogen suppliers.
The Government of Canada released its Hydrogen Strategy in December 2020, with the intention of stimulating Canadian production, use, and export of clean hydrogen to help in reducing carbon emissions to net zero by 2050. The announced strategy is in line with other provincial and regional plans for hydrogen, including the Alberta government’s Natural Gas Vision and Strategy and Alberta’s Industrial Heartland Hydrogen Task Force plan.
The goal is to develop “blue hydrogen” as a cleaner alternative to using natural gas to extract crude at the oil sands sites.
Canada-based Corporate Knights believes that hydrogen can make Canada an energy superpower again. Globally, hydrogen is replacing natural gas to power trains, heavy transport trucks, buses, fleets, and to decarbonize industrial processes. And according to Norton Rose Fulbright, Western Canada – with advantages such as rich hydrocarbon reserves, unique geology, and expertise in carbon capture, usage, and storage – is well positioned to meet the demand for hydrogen.