Canadian oil sands companies have shelved nearly C$2 billion in green initiatives in a cost-cutting drive to weather the coronavirus pandemic, a reversal in some of their commitments to reduce emissions and clean up their dirty-oil image.
) have cut a combined C$1.8 billion in planned spending on green initiatives as losses mount due to economic lockdowns that have hammered oil demand.
The Canadian industry has the highest upstream emissions intensity among major world oil and gas producers, at 39 kilograms per barrel of oil equivalent, more than triple that of the United States, consultancy Rystad Energy said in May. Canada’s oil firms have invested in recent years to reduce their emissions intensity. But Western Canada’s overall emissions increased 14% from 2005 to 2018, as oil output doubled.Suncor, which made most of the cuts, shelved a C$300 million wind power project and a C$1.4-billion cogeneration plan, which would replace coke-fired boilers with natural gas units at its base operations, reducing carbon emissions and other pollutants.
Suncor, Canadian Natural and Imperial declined to say how much of those budgets have been cut this year. MEG Energy did not respond. “The province is simultaneously opening up the economy – you can go to a barber, get a massage or sit in a restaurant - but you can’t take an environmental reading at a wellsite?” Bonham said.
Such steps, however, are too little and too late to draw back many investors, banks and insurers that shunned the industry in recent years, according to a Reuters survey.
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