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.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. Our Morning Update and Evening Update newsletters are written by Globe editors, giving you a concise summary of the day’s most important headlines.
So a record because of inflation has nothing to do with it? All other coats are staying the same …pipedream …more wackytabakee
Record profits on Carbon Tax as well!
hahaha ... nice try. CEOs only care about their compensation, so they will use those record profits to increase dividends and share buyback ....
That is a man that doesn’t understand economics.
This Guilbeault guy a real captain of industry type is he?
lol who will give away 'their' $$$$$$$$$$$$$$$$$$$$$$$$
As another person mentioned, Loblaws boosted its profits by 40% this year. They sell food. Maybe they could donate some of that to food banks… Their government gave them money for new freezers…
Minister, where have you been. They have and are, pay attention please.
And what about the windfall in taxes the federal and provincial governments are getting at the pump from these record prices.
Idiot! Profits should be invested in Province where the oil comes out of the ground!
They shouldnt be reported for climate we need gas cars and dont give a care about climate we need climate
No thanks we love climate so no change
The best climate action investment is in more Canadian energy production.
It should be reinvested in natural gas and sold to Europe
There shouldn’t be any further profits. OPEC should increase their output in order to reduce the world prices. Remove Russia from opec and let the price go down. Saudi Arabia is a major problem as they are aligned with Russia.
No they should NOT. Invest & increase O&G production to lower inflation & make life easier on Canadians
What about their record losses and bankruptcies from 2014-2021?
Perhaps he needs a lesson on how capitalism works….
invest CVE always on the side of climate action
Is this same advice being directed to the Ontario steel industry? The Quebec mining industry? The BC forestry industry? Why is it that the backbone of Canada's economy, its energy industry, is considered a pariah by the Trudeau government
It’s not Guilbeault’s money
Record profits. '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.' The oil companies are never satisfied.
Time to vote out these Liberal political fools, ministers and appointees.
I guess we would have to support them when oil prices are low.
Nothing is going to change on this planet. All its gonna do is keep people talking more and doing nothing.each person should do something for her or himself. Something g to help themselves and not put there faith in governments or other people!!!! Something to help them survive!
My God, something came out of your mouth that made sense. We could also do that with the CARBON TAX MONEY!!!
What a fucking scam
WTF is “climate action”. It’s nothing but leftist propaganda.
That's hilarious; time to get off the crack pipe.
Why target just them? Basic discrimination. All parts of society helped to make the mess and all should be paying to fix it. If we had to pick any one body to foot the bill it should be politicians and their political parties. cdnpoli StockMarket oilandgas wealth Money
Record tax and royalty haul by governments should be used to prevent crippling new populist regulatory requirements imposed on industry by government
Nope.
Record profits for oil companies should be resulting in lower prices, not higher prices But, greed gets in the way of that i guess
And the equalization payment for Quebec！
Idiot