Fossils Dismiss Federal Emissions Cap as ‘Aggressive’, ‘Unrealistic’ | The Energy Mix:

Guilbeault’s 29-page discussion paper on the emissions cap, released
in mid-July, was consistently deferential to the fossil industry’s
present-day footprint in the Canadian economy, casting emission
reductions as the way to keep the industry in operation and suggesting
no path to scale back oil and gas production.

But evidently not deferential enough. With public consultations under way until September 30, Canadian fossils wasted little time before pushing back on the plan.

“It
is very aggressive and stretches the capability of what is technically
and economically feasible,” Imperial Oil CEO Brad Corson told
analysts late last month, adding that the plan amounts to overreach by
Ottawa. That was after his company reported C$2.41 billion in profits
for the second quarter of the year, six times more than the $366 million
it took in over the same period in 2021.

“It’s ambitious at 30%,” said
MEG Energy CEO Derek Evans. “I don’t know how we get to 42%. I think
that personally, in my humble opinion, is almost unrealistic.”

Fossils Dismiss Federal Emissions Cap as ‘Aggressive’, ‘Unrealistic’ | The Energy Mix: Guilbeault’s 29-page discussion paper on the emissions cap, released
in mid-July, was consistently deferential to the fossil industry’s
present-day footprint in the Canadian economy, casting emission
reductions as the way to keep the industry in operation and suggesting
no path to scale back oil and gas production.But evidently not deferential enough. With public consultations under way until September 30, Canadian fossils wasted little time before pushing back on the plan.“It
is very aggressive and stretches the capability of what is technically
and economically feasible,” Imperial Oil CEO Brad Corson told
analysts late last month, adding that the plan amounts to overreach by
Ottawa. That was after his company reported C$2.41 billion in profits
for the second quarter of the year, six times more than the $366 million
it took in over the same period in 2021.“It’s ambitious at 30%,” said
MEG Energy CEO Derek Evans. “I don’t know how we get to 42%. I think
that personally, in my humble opinion, is almost unrealistic.”Read More