Canadian oilsands companies yet to follow-up climate pledges despite record profits: analysis

Canadian oil and gas companies are not using their record profits to invest in decarbonization and are instead pursuing share re-purchases and dividend payments, according to a new analysis from the Pembina Institute, a renewable energy think tank.

In June of last year, five of Canada’s largest oil producers — Canadian Natural Resources, Cenovus Energy, Imperial, MEG Energy and Suncor Energy — announced they were forming the Oil Sands Pathway to Net Zero Alliance, with a goal to achieve net-zero greenhouse gas emissions from oilsands operations by 2050.

The organization was later rebranded the Pathways Alliance, and added ConocoPhillips Canada to its ranks. It has set a target for