Canadian oilsands producers mentioned on Wednesday they’d kind an alliance to realize net-zero greenhouse fuel emissions from their operations by 2050, because the cash-rich corporations come beneath stress to fulfill the nation’s aim on vitality transition.
Oilsands producers, which extract a few of the world’s most carbon-intense crude, face investor stress to scale back their environmental influence.
The federal authorities plans to boost Canada’s carbon value steeply over time to place the nation for carbon-neutral standing by 2050.
The alliance, which incorporates Canadian Pure Assets , Cenovus Vitality, Imperial Oil, MEG Vitality and Suncor Vitality, will work with federal and Alberta governments to assist Canada meet its local weather objectives, the businesses mentioned.
The nation’s oilsands producers are producing billions extra in free money stream in a faster-than-expected pandemic rebound, however have taken a cautious method to spending it that’s disappointing environment-minded traders.
The businesses mentioned they’d look to hyperlink oilsands services within the Fort McMurray and Chilly Lake areas to a carbon sequestration hub, use carbon seize and storage know-how, in addition to clear hydrogen, gas switching and different strategies to scale back emissions.
The businesses may also faucet into rising emissions-reducing applied sciences together with direct air seize and small modular nuclear reactors, amongst others.