If oil and gas companies aren't cutting emissions at peak profits, when will they get in the game?
Canadian oil and gas companies were in Egypt last week for the global climate summit COP27 — among some 636 fossil fuel lobbyists — to position themselves as leaders in industry emissions reductions at an event hosted by the Canadian government.
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The Canadian federal government has implemented a framework to revoke subsidies for fossil fuels that are deemed inefficient. However, the framework lacks details on the specific subsidies to be eliminated and does not provide a dollar amount for the cuts. Canada, as the fourth-largest oil producer in the world, is the first country to comply with a 2009 pledge made by the Group of Twenty (G20) nations. The government plans to exempt oil and gas projects that have plans to reduce emissions and utilize carbon capture and storage (CCS) technology. Federal Environment Minister Steven Guilbeault stated that the objective is for federal support to be directed only towards projects that decarbonize the sector and result in significant greenhouse gas emissions reductions.