CALGARY (660 NEWS) – In an effort to combat greenhouse gas emissions, several high profile oil and gas companies have announced they are forming an alliance.
Canadian Natural Resources, Cenovus Energy, Imperial, MEG Energy, and Suncor Energy have all formally announced The Oil Sands Pathways to Net Zero initiative.
These companies are responsible for 90 per cent of Canada’s oil sands production and say they also plan to engage local Indigenous communities in northern Alberta.
The goal of the alliance is to achieve net zero greenhouse gas emissions from oil sands operations by 2050 to help Canada meet its climate goals, including the Paris Agreement commitments and 2050 net zero aspirations.
‘The collaborative effort follows welcome announcements from the Government of Canada and the Government of Alberta of important support programs for emissions, reduction projects, and infrastructure,’ reads a release from the coalition.
‘Collaboration between industry and government will be critical to progressing the Oil Sands Pathways to Net Zero vision and achieving Canada’s climate goals.’
Alberta’s Energy Minister Sonya Savage says the initiative is an industry-driven, made-in-Alberta solution which will strengthen our position as global energy leaders.
‘A very credible energy forecast indicates that oil will be a major contributor to the energy mix in the decades ahead and even beyond 2050. Alberta is uniquely positioned and ready to meet that demand. This initiative will also pave the way for continued technological advancements, ultimately leading to the production of net zero barrels of oil,’ said Savage.
The announcement comes as oil hit over $70 U.S. a barrel Wednesday, which is the highest price in over three years.