In an effort to adapt to Trudeau’s recent green policies and owing to pressure from the International Energy Agency (IEA), Canadian oil sand producers have formed an alliance to achieve net-zero emissions by 2050. This would see a huge shift from current practices as, at present, oil sands producers extract some of the most carbon-intense crude oil. However, as the cost of carbon increases to meet environmental objectives in Canada, oil companies face increasing pressure to shift practices towards achieving net-zero. The alliance will include Canadian Natural Resources (-1.77%), Cenovus Energy (-0.10%), Imperial Oil (-1.91%), MEG Energy, and Suncor Energy (-2.58%), which together operate around 90 percent of the country’s oil sands production. They will be working alongside both the federal and Alberta governments to make operations less carbon-intensive. The companies are expected to invest in several areas in order to reduce their carbon emissions including, carbon capture and […]