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Suncor Energy Inc
Symbol SU
Shares Issued 1,298,074,234
Close 2023-12-08 C$ 41.77
Market Cap C$ 54,220,560,754
Recent Sedar Documents

Globe says Suncor, rivals hear federal plan not so bad

2023-12-08 08:10 ET - In the News

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

The Globe and Mail reports in its Friday, Dec. 8, edition that there are two different plans for reducing emissions from the oil and gas sector. The Globe's Janetta McKenzie writes that there is Canada's plan, announced at COP28 in Dubai. She says this plan is responsible and realistic. Alberta's approach, released in April, includes no firm commitment to reduce emissions. Alberta has done nothing to advance its proposal since April. Ottawa took an important step to reduce emissions from oil and gas production, and the level of the proposed emissions cap will need to decline steeply after 2030 in order to achieve net-zero emissions by 2050. Finally addressing oil and gas emissions plugs a major gap in Canada's emissions reduction plan. To be clear, the net-zero plans of the Pathways Alliance are a step in the right direction, and so is the federal tax credit for CCS, which should incentivize companies to invest more in this technology. However, it needs to be said, oil sands companies will not voluntarily reduce emissions. It must be a regulatory requirement, a cost of doing business. Thanks to the announcement made at COP28 this week, those rules are closer than ever to being in place.

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