Signage for French energy company Total is seen here in La Mede, France, in December 2015.
It will take writedowns worth $7.3 billion related to its 24.6 per cent ownership in the Fort Hills oilsands mine operated by partner Suncor Energy Inc., the company said, and its 50 per cent stake in the Surmont thermal oilsands project operated by partner ConocoPhillips. “As a company, over the last few years, they’ve increased investment and focus in those jurisdictions.”Alberta Energy Minister Sonya Savage called Total’s decision “highly-hypocritical.”
“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. “Total’s decision to write down their tar sands assets and quit Canada’s biggest oil lobby group for its opposition to action on climate change underscores the urgency of ensuring that COVID-19 stimulus plans grow a green economy and transition workers securely into it,″ said Greenpeace Canada campaigner Keith Stewart on Wednesday.
The future is green anyways.
$9 billion is a lot more than a concern.