“We are disappointed in today’s poorly informed and short-sighted decision by Total to cite “climate ambition” as rationale to abandon future investment in the Canadian oil sands.
“Nowhere in the world is an industry more focused on reducing emissions – through improved environmental performance and technological innovation – than here in the Canadian oil sands, where we are confident post-pandemic energy demand will be met for decades to come.
“In fact, IHS Markit has just projected that Canadian oil sands production will reach 3.8 million barrels per day by 2030, almost 1.1 million barrels per day higher than today’s levels.
“This production will be led by Canada’s energy producers, who have some of the highest environmental, social and governance standards (ESG) in the world.
“According to the Bank of Montreal, last year Canada ranked second among the world’s major oil producing countries on our combined ESG standards. The Dominion Bond Rating Service noted this spring that we rank first globally on environmental standards, and that our oil and gas sector accounts for about three-quarters of the $1.4 billion Canadian companies spend annually on clean technology investments.
“Our long tradition of taking action on climate issues is backed by more than two decades of climate related programs and policies that paved the way for other jurisdictions. We are the first jurisdiction to place a price on carbon for all large emitters across all sectors. We have invested billions of dollars in technologies that reduce – or even eliminate – emissions, such as carbon capture and storage, and we have a regulatory framework that balances both the environment and the economy.
“Canada – with the third largest oil reserves in the world – is perfectly positioned to continue to offer investment in a stable and ethical democracy. Our province and industry are bound by the rule of law, an adherence to human rights, gender equality and a strong, transparent regulatory system.
“At the same time Total is dismissing the leadership of Canadian producers who are doing their part with active strategies that have reduced emissions, they continue to invest in countries such as Myanmar, Nigeria and Russia. This highly-hypocritical decision comes at a time where international energy companies should, in fact, be increasing their investment in Alberta, rather than arbitrarily abandoning a source of a stable, reliable, supply of energy.”