Achieving net zero carbon dioxide (CO2) emissions will require the cessation of fossil fuel emissions into the atmosphere, yet the need for ‘fuel’ and energy storage will remain. One solution could be a carbon‐based fuel system where CO2 of biogenic origin is converted to fuels using hydrogen generated by electrolysis powered by renewable energy sources. Methane has value as an initial target given its prevalence in biogas, use in home heating and in electricity generation. Sources of CO2 in Eastern Canada are dominated by the iron and steel, cement, and aluminium industries, all of which have biogenic fuel options. Collecting all of the potentially biogenic CO2 would displace 75% of current natural gas use and require a 50% increase in generating capacity. Initial efforts could site a carbon capture, utilization, and storage facility near Montreal, QC, with other large‐scale facilities near Hamilton, ON, and Lac St‐Jean, QC. These facilities would be grid connected and expected to operate ~6200 h annually. The most high‐frequency electrolysis events would be 10 h of run time and 2 h of idle time. These periods would peak during the equinox months and be at a minimum during the winter solstice. These operational assumptions will all be subject to the increased variability caused by anthropogenic climate change and increased renewable generation on the grid. A closed‐loop carbon‐based fuel system would require an equivalent price of $250 per tonne CO2.