Five of the biggest oil producers in Canada are teaming up to help eliminate greenhouse gas emissions by 2050.
Suncor Energy, Canadian Natural Resources, Cenovus Energy, Imperial, and MEG Energy announced on Wednesday the ‘Oil Sands Pathways to Net Zero’ initiative.
Through the partnership, the five companies plan on working collectively with the federal and Alberta governments, support different programs for emissions-reduction projects and infrastructure, and engage with local Indigenous communities in northern Alberta.
“Canada has an opportunity to lead on climate change by delivering meaningful emissions reductions as well as balancing sustainable economic development,” said Tim McKay, CNRL President.
None of the companies gave a dollar amount for how much they plan on investing in different projects and initiatives, only stating it will be significant.
This includes investing and focusing on a major carbon capture, utilization and storage trunkline.
The CCUS captures carbon dioxide which is then compressed and transported by pipeline, ship, rail or truck to be used in a range of applications or permanently stored.
“Canada – as one of the few jurisdictions with industrial-scale commercial CCUS projects in operation, coupled with Alberta’s abundant natural gas resources, geology and relevant technological expertise, is well positioned to lead in this area,” added Mark Little, Suncor President and CEO.
Some of the few initiatives these companies will undertake in the near future include linking oilsands facilities in the Fort McMurray and Cold Lake regions to a carbon sequestration hub near Cold Lake via a CO2 trunkline and deploying existing and emerging GHG reduction technologies at all operations.
All five believe this partnership will help the country hit zero emissions and meet all commitments under the Paris Agreement.
“We are doing more than just talking about the need to play a role, we are taking bold action to address our emissions challenge and earn our spot as the supplier of choice to meet the world’s growing demand for energy,” noted Alex Pourbaix, Cenovus President and CEO.
