Total
0
Shares
Canada’s largest oil sands producers announce alliance to achieve net-zero emissions
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Canadian Natural Resources (TSX:CNQ), Cenovus Energy (TSX:CVE), Imperial Oil (TSX:IMO), MEG Energy (TSX:MEG), and Suncor Energy (TSX:SU) have announced the formation of the Oil Sands Pathways to Net Zero initiative
  • The goal of this alliance is to work with the federal government and the government of Alberta to achieve net-zero greenhouse gas (GHG) emissions from oil sands operations by 2050
  • Under the initiative, companies will deploy existing and emerging GHG reduction technologies at oil sands operations along the corridor
  • Forecasts indicate fossil fuels will continue to be an essential requirement through 2050 and beyond as part of a diversified energy mix
  • Canada's long-term success in achieving its climate goals lies in a collective commitment to innovation, competitiveness, supportive public policy, and ongoing dialogue

Canada's major oil sands producers have announced the formation of the Oil Sands Pathways to Net Zero initiative.

Canadian Natural Resources (TSX:CNQ), Cenovus Energy (TSX:CVE), Imperial Oil (TSX:IMO), MEG Energy (TSX:MEG), and Suncor Energy (TSX:SU) have agreed to partner with the federal government and the government of Alberta to achieve net-zero greenhouse gas (GHG) emissions from oil sands operations by 2050.

“The Oil Sands Pathways to Net Zero initiative" is an industry driven, made-in-Alberta solution which will strengthen our position as global ESG leaders,” said Sonya Savage, Alberta’s Minister of Energy.

Under the initiative, companies will deploy existing and emerging GHG reduction technologies at oil sands operations along the corridor.

Tim McKay, president of Canadian Natural Resources, commented on the initiative.

“We are committed,” he said, “to working together with industry partners and governments to help meet Canada’s climate objectives while providing sustainable long-term economic and social benefits for Canadians from the oil sands.”

“Bold action today,” added Derek Evans, president and CEO of MEG Energy, “demonstrates our commitment to tackling climate change and global climate leadership.”

While alternative energy sources will play an increasingly important role in the decades ahead, all internationally recognized forecasts indicate fossil fuels will continue to be an essential requirement through 2050 and beyond as part of a diversified energy mix.

Alex Pourbaix, Cenovus president and CEO, remarked, “We are doing more than just talking about the need to play a role–we are taking bold action to address our emissions challenge and earn our spot as the supplier of choice to meet the world’s growing demand for energy.”

Mark Little, Suncor president and CEO, commented that collaboration in this matter is critical.

“That’s how we built a budding oil sands resource into one of the world’s most reliable and ESG-leading oil basins,” he said.

“Canada’s long-term success in achieving its climate goals,” added Imperial president and CEO Brad Corson, “lies in a collective commitment to innovation, global competitiveness, supportive public policy, and open and ongoing dialogue on constructive solutions.”

Canadian Natural Resources (CNQ) is down 1.34 per cent, trading at $45.04 per share as of 1:01 pm ET.

Cenovus Energy (CVE) is up 1.17 per cent to $12.06 per share.

Imperial Oil Limited (IMO) is up 1.05 per cent to $41.44 per share.

MEG Energy (MEG) is down 0.23 per cent to $8.52 per share.

Suncor Energy (SU) is down 0.46 per cent to $30.48.

More From The Market Herald
Gran Tierra Energy (TSX:GTE) posts $0.5M net loss in Q2

" Cathedral Energy (TSX:CET) and Precision Drilling (TSX:PD) announce business transaction and form strategic alliance

Cathedral Energy Services Ltd. (CET) has acquired the directional drilling business of Precision Drilling Corp. (PD) for $6.35 million.
electric car charging - The Market Herald Canada

" Nouveau Monde (TSXV:NOU) closes its $18.3M private placement offering

Nouveau Monde (NOU) has closed its non-brokered private placement.
NuVista Energy (TSX:NVA) closes $230M private placement

" NuVista Energy (TSX:NVA) closes $230M private placement

NuVista Energy (NVA) has completed its private placement of $230 million principal amount of 7.875 per cent senior unsecured notes due July 23…
High Arctic (TSX:HWO) shares updates on activity in Papua New Guinea

" High Arctic (TSX:HWO) shares updates on activity in Papua New Guinea

High Arctic Energy Services (HWO) has announced updates on its business in Papua New Guinea.