GHG Emissions - June 10, 2021
Canadian Oil Giants Join Alliance to Reduce Industry Emissions
An alliance of energy companies in Canada are joining together for the Oil Sands Pathways to Net Zero initiative to help the government reach its goal of net zero emissions by 2050 through responsibly-produced oil.
The alliance includes Canadian Natural Resources, Cenovus Energy, Imperial, MEG Energy and Suncor Energy, which together operate approximately 90% of Canada’s oil sands production. The collaboration has the support of the Government of Canada and the Government of Alberta and will include work on a Carbon Capture, Utilization and Storage trunkline connected to a carbon sequestration hub.
The project follows a line of other CCUS initiatives between industry and government, such as the Longship/Northern Lights projects in Norway and others in the Netherlands, U.K. and U.S.
The initiative includes projects to address emissions like linking oil sands facilities in Alberta to a carbon sequestration hub and deploying technologies along this corridor like CCUS technology, clean hydrogen, process improvements, energy efficiency, fuel switching and electrification.
Members of the alliance will make the investments necessary to ensure their companies transition to net zero. The government parties involved will be encouraged to develop policies and regulation to ensure long-term, large-scale investment in these projects. Such incentives could include dependable access to carbon sequestration rights, emissions reduction credits and ongoing investment tax credits.
“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,” Sonya Savage, Alberta’s Minister of Energy, said in a statement. “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.”
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