I'm with the federal environment minister on this. I really don't trust our ethical oil companies and their targets. Case in point - Suncor's carbon emissions record and recent comments from their CEO.
Environment Minister Steven Guilbeault says he is more convinced than ever of the need to regulate emissions in the oil and gas industry, following a prominent CEO's comments about refocusing his company on oil production.
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"Oil and gas contributed 28 per cent of Canada's total emissions in 2021, and the oilsands alone account for 13 per cent.
Suncor contributed 17.4 million tonnes, or 2.5 per cent of the national total. Suncor's emissions in 2021 were 50 per cent higher than they were in 2011. Canada's total emissions have fallen six per cent compared with 10 years ago.
Kruger, who only took over as Suncor CEO in April, told investors during Suncor's second-quarter results conference call that the company had a "disproportionate" focus on the longer-term energy transition to low-emitting and renewable fuels.
"Today, we win by creating value through our large integrated asset base underpinned by oilsands," he said.
He promised a "revised direction and tone" focused more on the immediate financial opportunities in the oilsands.
In that same call, Suncor reported second-quarter earnings of $1.9 billion, down from $4 billion in the second quarter of 2022, when oil prices soared following Russia's invasion in Ukraine."