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
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