Net Zero Oil Sands

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Canadian companies that operate around 90% of the country’s carbon-intensive oil sands production have formed an alliance to eliminate net greenhouse gas (GHG) emissions from their facilities by 2050. The companies -- Canadian Natural Resources, Cenovus Energy, Imperial, Meg Energy and Suncor Energy -- say they aim to work with the federal and Alberta governments to get their emissions down and in line with Canada’s own climate goals, including net zero emissions by mid-century. The centerpiece of the plan is a CO2 trunkline that would link several facilities and connect to a carbon sequestration hub near Cold Lake. The trunkline would also be available to other industries in the region. The companies plan to deploy other emissions-reducing technologies, including clean hydrogen and electrification. They will also evaluate and potentially pilot emerging technologies such as direct air capture and small modular nuclear reactors. They noted that it will be “essential for governments to develop enabling policies, fiscal programs and regulations to provide certainty for this type of long-term, large-scale investment.”

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Wed, May 31, 2023