Brad Corson, chief executive officer of Imperial Oil Ltd., told analysts Friday the target is “very aggressive” and “stretches the capability of what is technically and economically feasible.” Imperial is a Calgary-based integrated oil producer that’s controlled by ExxonMobil Corp.
“What I think, collectively as industry, government, society, we need to be very cautious about is ensuring that we bring the right balance to environmental improvements with continued oil supply,” Corson said. The company shares the government’s objective of getting to net-zero emissions by 2050, he added.
Trudeau’s government issued the target in March and followed it with a discussion paper on a potential emissions cap on the energy sector. The latter could be implemented through a tougher carbon-price policy or a cap-and-trade system that allows higher-emitting companies to buy credits from lower-emitting ones.Article content
The 42 per cent objective is larger than the Canadian oil industry’s own proposal to cut emissions by 30 per cent by the end of the decade — a plan that relies heavily on carbon-capture technology to reduce pollution from the oilsands, which has a higher carbon footprint than many other forms of crude extraction.
“We have a plan and we think it’s one of the few plans out there,” MEG Energy Corp. CEO Derek Evans told analysts. “It’s ambitious at 30 per cent. I don’t know how we get to 42 per cent. I think that personally, in my humble opinion, is almost unrealistic.”More On This Topic
RobertGHarvieQC Big oil opposes plan to save the environment from them and they don’t like it. Im shocked I tell you shocked. Of course THEY have no plan either. IStandWithTrudeau
Just a reminder that postmedia will print dozens of articles a week somewhere on the theme of deregulation of the environment for the most heavily subsidized oil industry of any G7 nation, so they can sell it back to us untaxed. They want us to pay them to sell us our own oil.
I am going to insert my head in the sand GIF here now....
New leadership is needed. Vote Pierre!
Will someone at the Post please calculate how much $ Canada has lost bc of Trudeau's energy policies. Average $10 price differential penalty between WTI & WCS. Purchase cost of foreign oil. Lost production bc of no pipelines. Throw LNG into the mix. Must be a $1 Trillion by now?
Not 'Almost' It is completely unrealistic. It is beyond stoopid
Took them long enough. Most of us said that in 2016.
Excellent, reject it, oppose it, annihilate it.
just ignore him and do what you want. pump the oil!
How about “entirely unrealistic”…
Lol jet setting Justin is doing his part by burning up jet fuel as fast as he can so we run out !
What's this? The oil & gas companies who have been jacking up gas prices all while making record profits don't want to pay any taxes. And the American/billionaire owned newspaper with millions of share in oil & gas companies agrees? I never!
The more they ramp up the more reason to fight for green energy. Coivd has shown the only thing that interest the oil companies is profit the don't care a fly shit about anything else!
I don't care what the oil billionaires have to say
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