Canada's failure to reduce climate pollution has left us far behind most of our peer nations. The primary cause of this failure has been surging emissions from our oil and gas industry. Unfortunately, it’s not the only Canadian sector with stubbornly rising emissions.
Canada’s benchmark heavy crude, Western Canada Select (WCS), is trading at a steep discount to West Texas Intermediate (WTI) after weakening sharply last month, and is expected to remain subdued well into next year.
Why is WCS under pressure?
WCS for delivery at the Hardisty, Alberta, hub is trading close to $30 a barrel under WTI, having averaged $16.67 a barrel below WTI for the first three quarters of 2022.
Canada’s biggest fossil companies are lining up to dismiss the federal government’s new emissions cap for their sector as “very aggressive” and “almost unrealistic”, even as Environment Minister Steven Guilbeault hastens to offer them flexibility and an extended deadline to hit the long-awaited target.
The touted tech is still scarce and pricey, and even oilsands allies counsel caution.
In late June, Alberta Premier Jason Kenney flew to Washington, D.C., with the heads of major oilsands producers to make the case that Canada’s most carbon polluting industry cares deeply about fixing climate change.
Canadians stand to lose over $100 billion in the energy transition as investors around the world continue to pour money into fossil fuel assets that will eventually become worthless, a bombshell international study finds.
Almost all debate about taxes and climate change has focused on carbon pricing, eclipsing an uncomfortable truth: Canada’s tax system is undermining our ability to move quickly on the transition to clean energy.
The investment tax credit unveiled by the federal government earlier this month isn't enough to convince Canada's major oilsands producers to begin construction on a proposed massive carbon capture and storage transportation line, the chief executive of Cenovus Energy Inc. said Wednesday.
