A new report said most of Canada’s oilsands producers have made little progress on their goal to decarbonize the sector despite historically high profits and low capital expenditures.
A report from the Pembina Institute said little has been done by members of the Pathways Alliance, an industry group that accounts for 95 per cent of Canada’s oilsands producers, to meet its commitment to net-zero greenhouse gas emissions by 2050.
Last year, Canada’s six largest oilsands producers and two existing oilsands organizations pledged to meet Canada’s climate imperatives under the Pathways Alliance.
Pathways Alliance President Kendall Diling said in a statement that the expectation that companies make final investment decisions before governments have finalized regulatory frameworks is unrealistic.
The report’s authors want to see more detailed plans on carbon capture projects and what investment in such projects will contribute toward emissions reduction.
Pathways Alliance members include Suncor, Cenovus, Conoco Phillips, Canadian Natural Resources, Imperial Oil and MEG Energy.