By Adriano Marchese
A number of Canada's largest oil sands energy producers have come together and set a goal of achieving a net-zero greenhouse-gas emissions from their oil sands operations by 2050.
Suncor Energy Inc., MEG Energy Corp., Imperial Oil Ltd., Cenovus Energy Inc., and Canadian Natural Resources Ltd., which together form around 90% of Canada's oil-sands production, said they would work with the federal and Alberta provincial governments to reduce greenhouse-gas emissions to meet the country's climate goals as well as those set out in the Paris Agreement.
The Pathways to Net Zero initiative would include a core Alberta infrastructure corridor which would link oil-sands facilities in the Fort McMurray and Cold Lake regions.
In particular, this would work through a carbon capture, utilization and storage trunkline connected to a carbon sequestration hub which would also be made available to other industries in the region to help with emissions reductions.
Together with the infrastructure element, there is also an aspect of applying emerging technologies towards the emissions goals. The companies said they are evaluating, piloting and accelerating application of new technologies including direct air capture, next-generation recovery technologies, and small modular nuclear reactors.
"Members of the Pathways initiative believe the most effective way to address climate change is by developing and advancing new technologies and that this unprecedented challenge can and will be solved by Canadian ingenuity, leadership and collaboration," the companies said.
Write to Adriano Marchese at email@example.com
Corrections & Amplifications
This item was corrected at 10:58 a.m. ET to show that Suncor Energy Inc., MEG Energy Corp., Imperial Oil Ltd., Cenovus Energy Inc., and Canadian Natural Resources Ltd., which together form around 90% of Canada's oil-sands production, said they would work with the federal and Alberta provincial governments. An earlier version incorrectly omitted Canadian Natural Resources.
(END) Dow Jones Newswires