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When you bring ANY carbon atoms that have one or two oxygen molecules attached to them of long term storage the result is the same.It’s carbon neutral because when you burn it you release co2 into the atmosphere, but it’s co2 that was originally pulled out of the air when the canola oil was originally grown.
Eg. As you burn the canola oil releasing co2, some where else a canola plant is growing and absorbing co2.
When ever you are just playing with carbon atoms that are already in circulation, it’s considered carbon neutral, it’s when you are bringing the fossilised carbon atoms out of long term storage and adding them back into circulation that problem arises.
An increase of CO2 or CO.
The only question is, how many can you put back into storage.
If you extract oil or coal or gas and release the carbon into CO2 or CO, the same result can be achieved by planting anything that sucks up CO2.
Mick