Cenovus shows companies are willing to accept more stringent climate policies Pembina Institute reacts to Cenovus Energy Inc. announcement of new climate targets

Jan. 9, 2020

Cenovus Energy's SAGD project

Photo courtesy of Cenovus Energy Inc

Located about 120 kilometres south of Fort McMurray, Cenvous Energy's Christina Lake project uses steam-assisted gravity drainage (SAGD) to drill wells, inject steam at a low pressure and pump oil to the surface.

CALGARY — BENJAMIN ISRAEL, SENIOR ANALYST at the Pembina Institute, made the following statement in response to an announcement by Cenovus Energy Inc.:

“The Pembina Institute is encouraged to see Cenovus showing leadership within the oilsands sector, especially within the context of the current climate emergency.

“This is a great example of leadership at the individual corporate level, and signals the company’s willingness to go beyond current government requirements in response to investor and market pressure. Carbon competitiveness is becoming an increasingly critical measure of market competitiveness, as both investors and consumers look for more sustainable options. 

“The goals Cenovus have set are commendable, including a 30 per cent reduction in emissions intensity by 2030, holding current emissions flat through 2030 and an ambition of reaching net-zero emisisons by 2050. We’ve moved beyond the time of talking about oilsands’ emissions intensities to focusing on absolute emissions. Meeting Canada's 2030 and 2050 climate commitments will require credible plans for substantial decreases in the oil and gas sector’s overall emissions as quickly as possible.

“This commitment shows what is possible when individual companies are motivated, however the solution doesn't lie solely with individual corporate leadership. This positive move by Cenovus sends a clear message to Canadians and to governments that companies are ready and willing to accept more stringent climate policies.”



Michelle Bartleman (English / français)
Communications Lead – Alberta, Pembina Institute

About the Pembina Institute

The Pembina Institute is a non-profit think-tank that advocates for strong, effective policies to support Canada’s clean energy transition. We have offices in Vancouver, Calgary, Edmonton, Ottawa and Toronto. Learn more: www.pembina.org.


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