Just one of the nation’s five biggest oil companies, Suncor Energy Inc, has a plan to cut emissions outright. The producers say they need extensive government subsidies for carbon capture and other technologies such as small modular reactors to meet climate goals.
A Suncor spokesperson said the companies aim to reduce their emissions by one-third every 10 years. The plan centers around government and industry funding a hub to capture carbon, but it includes no details about capacity or cost. Suncor plans to cut absolute emissions 34% by 2030, even as it boosts oil production.
The industry has reduced emissions per barrel 21% from 2009 to 2019, according to consultancy IHS Markit, but its absolute emissions have risen as output has grown. IHS Markit analyst Kevin Birn said the technology would allow producers to redeploy carbon and generate revenue by unlocking additional crude.Article content