Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Companies  >  All News

News : Companies
Latest NewsCompaniesMarketsForexCryptocurrenciesCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors

Canada's Cenovus Energy aims for 30% cut in emission intensity by 2030

share with twitter share with LinkedIn share with facebook
share via e-mail
01/09/2020 | 06:50am EST

Canada's Cenovus Energy on Thursday unveiled plans to reduce per-barrel greenhouse gas emissions by 30% by the end of 2030, as the country's oil industry faces growing pressure from environmental activists.

The Alberta-based integrated oil and gas company said it will spend an additional C$1.5 billion on businesses run by the country's indigenous communities.

Opposition from environmental and indigenous groups have stalled new pipeline projects in Canada and the United States that are needed to move Canadian crude to refineries. Investors in the region have also become more vocal about environmental, social and governance issues.

Prime Minister Justin Trudeau, who won a re-election in October last year, promised Canada would achieve net-zero carbon emissions by 2050. Trudeau, however, lost his majority in the parliament and failed to win a single seat in Alberta, which produces 80% of Canada's crude.

Ahead of the October 2019 elections, Cenovus, along with Canadian Natural Resources Ltd and MEG Energy Corp took out joint full-page newspaper advertisements to turn up the pressure on politicians to support the struggling industry.

Alberta's oil sands, among Cenovus's main businesses, have been a focal point of global efforts to stifle fossil fuel production by environmental groups.

Cenovus said on Thursday its long-term ambition is to reach net-zero emissions by 2050. The company will reclaim 1,500 decommissioned well sites and complete C$40 million ($30.65 million)of caribou habitat restoration work by 2030.

The company said it is adopting a climate and greenhouse gas emissions strategy with several options to help it reach targets. The strategy will also advance its methane emission reduction initiatives that are already underway at its Deep Basin operations.

(Reporting by Arundhati Sarkar in Bengaluru; Editing by Vinay Dwivedi)

Stocks mentioned in the article
ChangeLast1st jan.
CANADIAN NATURAL RESOURCES LIMITED -1.58% 39.81 Delayed Quote.-3.69%
CENOVUS ENERGY INC. -2.29% 11.95 Delayed Quote.-7.35%
EURO / CANADIAN DOLLAR (EUR/CAD) 0.02% 1.4341 Delayed Quote.-1.71%
LONDON BRENT OIL -1.13% 58.45 Delayed Quote.-10.42%
MEG ENERGY CORP. -1.50% 7.2 Delayed Quote.-1.08%
WTI -0.28% 53.31 Delayed Quote.-12.39%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news "Companies"
06:16pUK to press for Canada-style trade deal with EU when talks start in March
RE
06:01pROSEN, NATIONAL INVESTOR COUNSEL, Continues Investigation of Securities Claims Against Alpha and Omega Semiconductor Limited; Encourages Investors with Losses in Excess of $100K to Contact the Firm – AOSL
GL
05:50pHONDA MOTOR : The Closure of Automobile production in the Philippines
AQ
05:32pBRISBANE BRONCOS : World Club Challenge Rugby League Winners
AQ
05:25pMATTEL : Receives Record Number of “Toy of the Year” Awards
BU
05:01pROSEN, NATIONAL TRIAL LAWYERS, Continues to Investigate Securities Claims Against CPI Aerostructures, Inc. – CVU
GL
04:51pTop Toy Trends of 2020 Revealed at Toy Fair New York
PR
04:30pBET NETWORKS : to Honor NBA Legend Kobe Bryant With Multiplatform Programming Lineup Monday, February 24
BU
04:24pOSLO BØRS VPS : Nova Austral Q4 Financial Report
PU
04:21pPHOTO RELEASE--Huntington Ingalls Industries Celebrates The Centennial Graduating Class Of The Apprentice School At Newport News Shipbuilding
GL
Latest news "Companies"