Over the last two years, the three largest Canadian oil sands mining companies have collectively returned over $39-billion to shareholders
., a company based in Alberta whose technology aims to reduce emissions and recover byproducts from oil production.
This focus on shareholder returns at the expense of innovation may seem like a reasonable strategy in the short term with stocks in the industry trading at historically low valuations, but innovation and driving sustainable change is the real cure to investor apathy and meeting commitments to decarbonize.
Although the industry has done a commendable job reducing its emissions over the past 10 years, it must show the world that it is truly committed to reaching net zero. Today, the oil sands industry is focused on the Pathways Alliance’s foundational project – a carbon capture and storage solution that has the potential to deliver significant carbon reductions.
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