Pressure still on oilsands sector despite silence …

Pressure still on oilsands sector despite silence after greenwashing law : think tank

Canada s oilsands industry faces pressure to reduce its greenhouse gas emissions amid new anti-greenwashing legislation. The Pathways Alliance, a consortium of six companies, has been relatively quiet since the federal government passed the amendment to the Competition Act. Despite this, the Pembina Institute suggests that the new law should not hinder the Alliance s proposed $16.5-billion carbon capture and storage project. The Alliance has submitted regulatory applications for the project but has not yet made a final investment decision. The group has also removed most content from its website following the passage of the new rules, which require businesses to substantiate their environmental claims. Pathways Alliance president Kendall Dilling emphasized that the new law does not change the Alliance s intentions or work. However, the law s vagueness makes it more challenging to publicly discuss their efforts. A survey by ATB Capital Markets found that 53% of oil and gas producers believe the new anti-greenwashing rules will significantly impact their environmental reporting practices. The survey also revealed a decrease in energy companies willingness to invest in environmental technologies based on an ESG mandate. Despite the challenges, the Pembina Institute supports the federal government s proposed legislated cap on emissions from the oil and gas sector. The Pathways Alliance s carbon capture and storage network could help its member companies achieve a 32% reduction in emissions by 2030. Dilling expressed hope for a final investment decision before the end of 2025, with construction beginning in 2026. In summary, the Pathways Alliance s proposed carbon capture and storage project remains a critical step in reducing greenhouse gas emissions from Canada s oilsands industry. However, the new anti-greenwashing legislation and its impact on public communication and investment decisions pose challenges for the project s progress. The Pembina Institute and other stakeholders continue to advocate for supportive policies and investments to achieve meaningful emissions reductions in the sector.

Source: bowenislandundercurrent.com
Published on 2024-09-19

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