Canada’s oilsands industry remains under pressure to reduce its greenhouse gas footprint, even as companies have clamped down on public communications in the wake of new anti-greenwashing legislation.
Rebecca Babin, senior energy trader of CIBC Private Wealth, joins BNN Bloomberg to talk about the impact of US fed rate cuts on oil markets.
But clean energy think tank the Pembina Institute said concerns about the new law shouldn’t prevent Pathways from pulling the trigger on its proposed $16.5-billion carbon capture and storage project. It’s been three years since the Pathways Alliance first proposed building a massive carbon capture and storage network in northern Alberta to help reduce emissions from oilsands sites. While it has submitted a number of regulatory applications, the consortium has not yet given the project an official green light in the form of a final investment decision.
In an emailed statement this week, Pathways Alliance president Kendall Dilling said the group continues to pursue its major project and is working with federal and provincial governments “to determine the most appropriate way to enable large investments into major projects such as ours.” A newly released survey by ATB Capital Markets found 53 per cent of oil and gas producers polled said the new anti-greenwashing rules in the Competition Act will be “very impactful” to their company’s environmental reporting practices.
In June, Shell approved two projects that will capture and store carbon emissions from its Scotford refinery near Edmonton. In July, Strathcona Resources announced a partnership with the Canada Growth Fund that will see the federal entity contribute up to $2 billion in funding for the company’s carbon capture projects in Cold Lake and Lloydminster.
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