Oil companies can only decarbonize as fast as the rest of the economy: Shell Canada

Shell Canada president Susannah Pierce made the comments Thursday in an interview in Calgary, where hundreds of executives and government officials from oil-producing nations around the world are arriving this weekend for the 24th World Petroleum Congress that kicks off Sunday.

While Shell has its own net-zero ambitions — the company is investing in electric vehicle charging, hydrogen, biofuels and wind and solar energy, in addition to traditional oil and gas — Pierce said the speed of global decarbonization is dependent on the entire economy transitioning, not just the fossil fuel sector.

There has been renewed demand for traditional fossil fuels in the wake of Russia's invasion of Ukraine last year, which has prompted global concerns about energy security. Oil companies reaped record profits last year as commodity prices spiked to all-time highs. Rich Kruger told analysts on a Suncor conference call that the company must focus on its present opportunities in the oilsands where it is better poised to"win."

Pierce said transitioning to a lower-carbon economy will require government incentives across the entire value chain, particularly in fossil fuel-intensive industries like cement and steel manufacturing, shipping and aviation. "I think as we look at decarbonization across the entire country, it needs to be consistent ... It needs to be a Pan-Canadian framework for decarbonization," she said.The government of Alberta, Canada's main oil-producing province, remains staunchly opposed to the emissions cap and has pledged to fight any such legislation.

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