Record profits for oil companies should be invested in climate action: Guilbeault

OTTAWA – Environment Minister Steven Guilbeault says Canada’s big oil companies should be investing some of their record profits into projects to curb their greenhouse gas emissions.

Guilbeault says he is disappointed in comments made last week by Cenovus CEO Alex Pourbaix that the new federal tax credit for carbon capture and storage systems isn’t generous enough.

Those comments came the same day Cenovus reported a record first-quarter profit of $1.6 billion.

Cenovus is not alone, with Imperial Oil reporting its best first quarter in 30 years and Canadian Natural Resources Ltd. reporting profits of $3.1 billion Thursday, twice the company’s profit a year ago.

Guilbeault says many companies have invested to make their production more energy-efficient in recent years but it isn’t enough.

He says there will be no more federal cash put on the table and it’s time for the industry to step up to the plate itself.

This report by The Canadian Press was first published May 5, 2022.


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