Alberta’s new strategy to combat climate change is endorsed by the oilsands industry and environmentalist groups, reports CBC news.
The climate plan includes a carbon pricing regime, an overall emissions limit for the oil sands and a phasing out of coal-fired electricity. The emissions cap, coupled with the direction of revenue generated from the carbon pricing regime towards innovative technologies aimed at GHG reduction, are seen as motivators for the oilsands sector to become more globally competitive through innovation.
In a joint statement of support, Cenovus Energy, Suncor Energy, Shell Canada and CNRL say that the newly introduced measures “provide predictability and certainty” for oilsands producers. Brian Ferguson, President and CEO of Cenovus Energy, said: “We fully support the Government’s new climate policy direction. It enables Alberta to be a leader, not only in climate policy, but also in technology, innovation, collaborative solutions and energy development. I believe it will lead to Albertans and Canadians receiving full value for their oil and natural gas resources, while addressing climate change.”