Major Canadian oilsands producers partner in move toward net zero greenhouse gas emissions by 2050
The largest of Canada's oilsands producers have agreed to a new initiative with a target of achieving net zero greenhouse gas emissions by 2050.
The 'Pathways to New Zero' effort involves Canadian Natural Resources, Cenovus Energy, Imperial, MEG Energy and Suncor Energy in collaboration with the federal government and government of Alberta. The companies combine to operate nearly 90 per cent of production in Canada's oilsands.
"Canada has an opportunity to lead on climate change by delivering meaningful emissions reductions as well as balancing sustainable economic development," said Tim McKay, Canadian Natural president, in a statement released Wednesday.
"Canadian ingenuity has enabled oilsands development and with continued innovation, positions Canada to be the ESG-leading barrel to meet global energy demand.
"We are committed 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."
"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. "Every credible energy forecast indicates that oil will be a major contributor to the energy mix in the decades ahead and even beyond 2050. Alberta is uniquely positioned and ready to meet that demand. This initiative will also pave the way for continued technological advancements, ultimately leading to the production of net zero barrels of oil."
In the partnership announcement, the alliance members admitted the oilsands industry is "a significant source of greenhouse gas emissions" before saying the new initiative will "develop an actionable approach to address these emissions" while "preserving the more than $3 trillion in estimated oilsands contributions to Canada's GDP over the next 30 years."
The steps for reaching net zero emissions is said to include:
- Creating carbon dioxide trunklines from the Fort McMurray and Cold Lake areas to a carbon sequestration hub near Cold Lake;
- Utilizing existing and emerging greenhouse gas reduction technologies at oilsands operations, and;
- Piloting and accelerating the application of emissions-reducing technology including direct air capture, recovery technology and small modular nuclear reactions.
"Members of the Pathways initiative believe the most effective way to address climate change is by developing and advancing new technologies and that this unprecedented challenge can and will be solved by Canadian ingenuity, leadership and collaboration," read the statement.
According to the partnership, forecasts indicate "fossil fuels will continue to be an essential requirement through 2050" despite the fact "alternative energy sources will play an increasingly important role in the decades ahead."
RENEWABLE ENERGY IS THE ONLY ‘NET-ZERO’ SOLUTION: GREENPEACE
The International Energy Agency published a comprehensive report last month announcing that the only way to truly reach ‘net-zero’ emissions is to stop building fossil fuel infrastructure and rapidly transition to renewable energy.
Keith Stewart, senior energy strategist with Greenpeace Canada, admits that major oil companies recognize they have a problem but still aren’t moving towards a real solution.
“These companies are trying to get ahead of this, but they’re trying to define what net zero means, which for them means reducing emission from their own operations,” Stewart said.
“The problem is the rest of the world understands net zero as not having emissions at all and that means these companies need to account for the emissions from selling their product.”
Stewart adds that carbon capture technologies can certainly be used to reaching net-zero operations, but says new technologies like electric vehicles are the real solution to eliminating fossil fuels altogether.
“There’s a real opportunity here where you can actually create those new jobs and the federal government and rest of Canada absolutely has to help workers, communities currently dependant on oil in Saskatchewan, Alberta, Newfoundland through this transition."
With files from CTV Calgary's Mark Villani
CTVNews.ca Top Stories
RCMP uncovers alleged plot by 2 Montreal men to illegally sell drones, equipment to Libya
The RCMP says it has uncovered a plot by two men in Montreal to sell Chinese drones and military equipment to Libya illegally.
Demonstrators kicked out of Ontario legislature for disruption after failed keffiyeh vote
A group of demonstrators were kicked out of the legislature after a second NDP motion calling for unanimous consent to reverse a ban on the keffiyeh failed to pass.
Tom Mulcair: Park littered with trash after 'pilot project' is perfect symbol of Trudeau governance
Former NDP leader Tom Mulcair says that what's happening now in a trash-littered federal park in Quebec is a perfect metaphor for how the Trudeau government runs things.
Government agrees to US$138.7M settlement over FBI's botching of Larry Nassar assault allegations
The U.S. Justice Department announced a US$138.7 million settlement Tuesday with more than 100 people who accused the FBI of grossly mishandling allegations of sexual assault against Larry Nassar in 2015 and 2016, a critical time gap that allowed the sports doctor to continue to prey on victims before his arrest.
Man wanted in connection with deadly shooting in Toronto tops list of most wanted fugitives in Canada
A 35-year-old man wanted in connection with the murder of Toronto resident 29-year-old Sharmar Powell-Flowers nine months ago has topped the list of the BOLO program’s 25 most wanted fugitives across Canada, police announced Tuesday.
Doctors ask Liberal government to reconsider capital gains tax change
The Canadian Medical Association is asking the federal government to reconsider its proposed changes to capital gains taxation, arguing it will affect doctors' retirement savings.
Keeping these exotic pets is 'cruel' and 'dangerous,' Canadian animal advocates say
Canadian pet owners are finding companionship beyond dogs and cats. Tigers, alligators, scorpions and tarantulas are among some of the exotic pets they are keeping in private homes, which pose risks to public safety and animal welfare, advocates say.
Thieves use stolen forklift to rip cash machine out of U.K. bank
Police in the U.K. are searching for a group of suspects seen on video using a forklift to steal a cash machine from a bank.
'There was a lot of black smoke': Crane operator sounds alarm while trapped during highrise fire in Halifax
A tower crane operator alerted emergency crews after noticing a fire on a construction site in Halifax Tuesday morning.