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Large Oil Company Spends $2 Billion In Green Transition

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Economy

https://www.bnnbloomberg.ca/suncor-keeps-2020-oil-budget-flat-approves-300m-wind-farm-project-1.1356809

 

Canada's largest Oil Company is spending nearly $2 Billion next year in efforts to reduce emissions to comply with new Canadian and Albertan emissions cap laws and to reduce Carbon Tax costs.

 

A major boiling plant that seperate oil from sand for example is getting a $1.4 Billion retrofit with new technology that will greatly lower emissions

 

The budget also includes a large $300 Million wind farm as the company expands in the green energy space

 

 

 

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thierryrreiht

Not mad at it!

Even if it should completely stop, I hope they will invest year after year and not stop there

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Economy
1 minute ago, thierryrreiht said:

Not mad at it!

Even if it should completely stop, I hope they will invest year after year and not stop there

Well, all the budget increases were in the green expansion side of the company... The oil business budget stayed flat

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xoxo Craig

In Scotland, we are doing something similar. We are surrounded by North Sea oil but already 75% of our energy come from renewable sources. The Scottish Government has already put in plans to phase out the oil industry, and try have a transition so that people don't lose their jobs

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Economy
3 minutes ago, xoxo Craig said:

In Scotland, we are doing something similar. We are surrounded by North Sea oil but already 75% of our energy come from renewable sources. The Scottish Government has already put in plans to phase out the oil industry, and try have a transition so that people don't lose their jobs

I know in my Province some 80% is renewable and the other 20% is mostly natural Gas

 

Canada is doing pretty good in terms of electricity

 

The biggest issue is our electric car fleet has barely taken off (in 2019 only 3% of new vehicle sales were electric) and our oil industry is very just large since we're the 4th biggest producers

 

But Canada can't take the full blame for the oil industry. We just happen to have rediculous amounts of it... The nation's that buy it and burn it are guilty too :sweat:

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