The Globe and Mail reports in its Monday, May 27, edition that it is critical that the oil sands industry prioritizes implementing innovations to decarbonize the production and use of Canadian oil, and that society holds industry accountable for reducing their environmental impact through tangible action. The Globe's guest columnist Akshay Dubey writes that over the past two years Canadian Natural Resources, Suncor Energy and Imperial Oil have collectively returned more than $41-billion to shareholders through share buybacks and dividends. Even with their strong financial position, oil sands operators have been reluctant to employ new technology at a commercial scale since paraffinic froth treatment -- which produces a higher quality bitumen product -- was pioneered at the Albian Sands mine in the early 2000s. This focus on shareholder returns at the expense of innovation may seem like a reasonable strategy in the short term with stocks in the industry trading at historically low valuations, but innovation and driving sustainable change is the real cure to investor apathy and meeting commitments to decarbonize. The sector itself is a lesson in ingenuity, of which we need more of.
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