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

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.

The CEO of Suncor Energy Inc., another Canadian oil and gas company, has also come under fire from environmentalists and some politicians for comments he made suggesting thatto low-emitting and renewable fuels. “ a company that is servicing its customers that are still demanding a fossil fuel energy source, it’s very difficult to then not provide your customers with that energy they demand,” she said.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.

While oil and gas is Canada’s heaviest-emitting sector, Pierce said a cap that penalizes the industry and potentially impacts its profitability will interfere with the its ability to invest in lower-carbon opportunities.“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.Click to share quote on Twitter: "I don't think you should have an emissions cap on one sector by itself.

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