19:59:22 EDT Thu 31 Oct 2024
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Imperial Oil Ltd
Symbol IMO
Shares Issued 566,667,118
Close 2023-10-16 C$ 83.08
Market Cap C$ 47,078,704,163
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Globe says Suncor, rivals hear fed rules not crimped

2023-10-17 07:41 ET - In the News

See In the News (C-SU) Suncor Energy Inc

The Globe and Mail reports in its Tuesday edition that Ottawa will press forward with two new regulations aimed at reducing greenhouse gas emissions, despite last Friday's Supreme Court of Canada decision that the government overstepped its constitutional bounds with one of its existing environmental laws. The Globe's Adam Radwanski writes that federal officials say they believe neither their plan to cap greenhouse gas emissions from the oil and gas sector, nor their proposed Clean Electricity Regulations to restrict emissions from power generation, will be significantly affected by the court's finding that the 2019 Impact Assessment Act (which enables Ottawa to review whether major projects meet environmental standards) violates provincial jurisdiction. Environment Minister Steven Guilbeault said in a statement, "The opinion of the court does not call into question other regulatory initiatives under development, and we are confident that they are within the purview of the federal government." That response could further inflame tensions with Alberta's government, which was behind the legal challenge to the Impact Assessment Act, and is widely expected to test the electricity rules and emissions cap in the same way.

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