06:36:18 EDT Tue 04 Oct 2022
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Cenovus Energy Inc
Symbol CVE
Shares Issued 1,931,000,781
Close 2022-09-22 C$ 23.06
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Globe says Cenovus, rivals have green pledges to keep

2022-09-23 07:27 ET - In the News

Also In the News (C-CNQ) Canadian Natural Resources Ltd
Also In the News (C-IMO) Imperial Oil Ltd
Also In the News (C-MEG) MEG Energy Corp
Also In the News (C-SU) Suncor Energy Inc

The Globe and Mail reports in its Friday, Sept. 23, edition that Canadian oil sands companies have not lived up to their public pledges to reduce greenhouse gas emissions. The Globe's Emma Graney writes that instead, companies have spent big on share repurchases and dividend payments, while foregoing green investments. The study, to be released Friday by the Pembina Institute, comes more than a year after the Pathways Alliance announced its plan to get operations to net-zero GHG emissions by 2050. Canadian Natural Resources, Cenovus Energy, Imperial Oil, MEG Energy and Suncor Energy are part of the alliance. Pembina examined the decarbonization promises made by each of the companies, and compared them with actions they are taking to reduce their carbon footprint. The report says Pathways Alliance may be giving the impression something is being done, but the "companies have yet to make the necessary investment decisions -- or even release sufficiently detailed project plans, with information about allocation of capital expenditure, timelines and individual company GHG reduction targets." Report co-author Jan Gorski says, "We need to see the details and the actions to back up those commitments."

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