Guilbeault says record profits for oil companies should be invested in climate action

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Guilbeault says record profits for oil companies should be invested in climate action
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\u0027We won\u0027t be putting even more and more money on the table. They have to invest as well\u0027

His remarks come a week after Cenovus CEO Alex Pourbaix told analysts during a company conference call that a new federal tax credit isn’t good enough to convince the major oilsands producers to start building a proposed carbon capture and storage project.

Projects that go to enhanced oil recovery — where the captured emissions are used to squeeze more oil out of the ground — won’t qualify. “We want to invest in your sector to ensure that the sector and workers still have jobs, 10, 15 years from now, when more and more, the world will be moving toward a low-carbon future,” Guilbeault said. “So we’re putting our money where our mouth is, and we think that they should do the same.”

Last week, Pourbaix said oil prices rise and fall so decisions about investing in carbon capture can’t be based on current prices.

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