“The immediate risk for companies that don’t have a plan around broader decarbonization is that they will exclude themselves from a bunch of the investor pools,” said Andrew Swart, a partner and global mining and metals leader for accounting firm Deloitte.
Carbon neutrality, or “net zero,” means that any carbon dioxide released into the atmosphere from human activity is balanced by the same amount being removed.Oil sands producer Cenovus Energy Inc. announced in early January it will aim for “net zero” GHG emissions by 2050, adding it intends to reduce its emissions per barrel by 30 per cent by 2030, while keeping flat its total emissions.
Carbon taxes like Alberta’s Technology Innovation and Emissions Reduction system put a direct price on being less than green. Under TIER, emitters of more than 100,000 tonnes of greenhouse gases per year must reduce emissions, offset them with carbon credits or pay into a TIER fund. Vancouver-based Teck Resources Ltd. announced in early February it hopes to be “carbon neutral” by 2050 through innovation and switching to cleaner power sources. It’s awaiting a decision from the federal government on its proposed $20.6-billion Frontier oil sands mine, expected to produce about four million tonnes of greenhouse gas emissions per year.
“I think what Cenovus is saying, in between the lines, is that they are working on breakthrough technologies that will allow them to reduce emissions after 2030,” said senior analyst Benjamin Israel of the environmental Pembina Institute, adding the company is setting a “great example.”
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