Environment Minister Steven Guilbeault says he is more convinced than ever of the need to regulate emissions in the oil and gas industry, following a prominent CEO’s comments about refocusing his company on oil production.
Suncor CEO Rich Kruger told investors in a conference call on Aug. 15 that the company had a “disproportionate” focus on the longer-term energy transition to low-emitting and renewable fuels.
He promised a “revised direction and tone” focused more on the immediate financial opportunities in the oilsands.
Guilbeault says the comments were extremely disappointing in the middle of a summer when global temperatures hit record highs and climate change is exacerbating wildfires across Canada.
He also says they have furthered his resolve to introduce a cap on greenhouse-gas emissions from the oil and gas industry in a bid to force companies to ratchet down their carbon footprint.
The draft regulations that will identify where the cap will start and how quickly it will be lowered are expected in the fall.