The Biden administration’s new climate package has been celebrated around the world as a game-changer in the fight to reverse climate change. In Canada, much of the attention has focused on new subsidies for electric vehicles that are made primarily with parts from North America, a lifesaver for Ontario’s automobile industry and a new source of hope for miners who own claims on the minerals that will be needed for the batteries.
“We will not invest material amounts of our financing in Canada unless they fix this problem,” Belenkie said. “We will take our capital and we will invest in projects with a strong bias towards the United States.” The group — Canadian Natural Resources Ltd., Cenovus Energy Inc., ConocoPhillips Canada, Imperial Oil Ltd., MEG Energy Corp. and Suncor Energy Inc. — has been lobbying the government for support to achieve its goal of reaching net zero by 2050, largely through large-scale deployment of CCUS.