07:08:11 EDT Wed 15 May 2024
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MEG Energy Corp
Symbol MEG
Shares Issued 285,354,621
Close 2023-09-19 C$ 25.70
Market Cap C$ 7,333,613,760
Recent Sedar Documents

Globe says Suncor's Kruger proves emissions cap needed

2023-09-20 08:10 ET - In the News

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

The Globe and Mail reports in its Wednesday edition that this summer scorched the Earth, breaking heat records globally and setting off wildfires. Guest columnist Catherine McKenna writes so what was Suncor boss Rich Kruger's reaction? The 40-year Exxon veteran chose this moment to announce that his company will double down on oil sands production and sideline its renewables strategy. Suncor is not a rogue producer. Recently, Shell and BP announced plans to slow-walk clean energy and pump more fossil fuels. They chose to spend the vast majority of their record profits on shareholder dividends and executive compensation. Incredibly, at the same time, oil sands companies demand that Canadian taxpayers spend even more to subsidize their carbon capture projects. This contravenes the basic principle that polluters should pay for the damage they cause. These announcements are shameful, but at least we know what we are dealing with. After years of pious corporate announcements and feel-good advertising, it is magical thinking to believe the oil and gas sector has anything but its own profits at heart. Absolute emissions from oil and gas are rising. Real action -- and a hard cap on oil and gas emissions -- is needed now.

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