Suncor’s revised focus on oil production proof of need for emissions cap: Guilbeault

OTTAWA –

Environment Minister Steven Guilbeault says he’s extra satisfied than ever of the necessity to regulate emissions within the oil and gasoline business, following a outstanding CEO’s feedback about refocusing his firm on oil manufacturing.

Suncor CEO Rich Kruger informed buyers in a convention name on Aug. 15 that the corporate had a “disproportionate” deal with the longer-term power transition to low-emitting and renewable fuels.

He promised a “revised direction and tone” targeted extra on the quick monetary alternatives within the oilsands.

Guilbeault says the feedback had been extraordinarily disappointing in the midst of a summer season when world temperatures hit file highs and local weather change is exacerbating wildfires throughout Canada.

He additionally says they’ve furthered his resolve to introduce a cap on greenhouse-gas emissions from the oil and gasoline business in a bid to power firms to ratchet down their carbon footprint.

The draft rules that may determine the place the cap will begin and the way rapidly will probably be lowered are anticipated within the fall.

This report by The Canadian Press was first revealed Aug. 29, 2023.