The Financial Post reports in its Thursday, Jan. 26, edition that oil sands executives insist they want to cut emissions, but say there is no place to invest their money yet.
A Canadian Press dispatch to the Post reports that many companies have posted big profits in the last year.
Environment Minister Steven Guilbeault has said repeatedly over the past year that the companies need to prove their commitment by putting some of their cash into climate initiatives. Cenovus chief executive officer Alex Pourbaix says companies are moving "as aggressively as (they) can." He says, "We're not yet at the point where we can invest billions in these projects."
Cenovus is one of six oil sands companies in the Pathways Alliance, a consortium created to work together to decarbonize their production entirely by 2050. The companies are looking to spend $24-billion by 2030 on emissions cutting.
Mr. Pourbaix says in the meantime, shareholders need to be rewarded.
Many of the Canadian oil and gas giants have opted to do that through corporate share buybacks, which prompted Ottawa to introduce a 2-per-cent corporate stock buyback tax to incentivize companies to reinvest profits rather than reward shareholders.
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