A new report claims that the vast majority of Canada’s oilsands producers have made little or no progress
in reducing harmful carbon dioxide emissions despite raking in record profits.
A report from the Pembina Institute said little has been done by members of the Pathways Alliance, an
industry group that accounts for 95% of Canada’s oilsands producers, to meet its commitment to net-zero
greenhouse gas emissions by 2050.
Last year, Canada’s six largest oilsands producers and two existing oilsands organizations, pledged to
meet Canada’s climate imperatives under the Pathways Alliance.
The pledge includes targets for the oil sands sector to achieve a 22-million-ton annual reduction by 2030
and a goal of reaching net-zero emission by 2050.
Several initiatives have been put in place or are underway by the Government of Alberta, said the
Pembina Institute, including an incoming Investment Tax Credit and a carbon pricing system.
The report’s authors want to see more detailed plans on carbon capture projects and what investment in
such projects will contribute toward emissions reduction.
The report also notes that Canada’s oil and gas sector is estimated to earn a profit of $152 billion in 2022.
However, the boom in profit has not been invested in decarbonization efforts nor a significant expansion
of jobs in the sector.