Alberta
Canadian energy company produces more energy and less green house gas emissions
It would be interesting to know how many Albertans realize that Canadian energy companies are already producing less green house gas emissions. Furthermore how many people know companies like Cenovus Energy have pledged and are already working toward incredibly aggressive emissions targets? It’s true. It’s already happening. You can learn more about the Cenovus green house gas (ghg) emmissions strategy right here.
From Cenovus Energy
Climate & greenhouse gas (GHG) emissions
- Reduce emissions intensity by 30%(1)
- Hold absolute emissions flat(1)
Cenovus’s long-term ambition is to reach net zero emissions by 2050.
(1) Includes scope 1 and 2 emissions from operated facilities. Uses a 2019 baseline. For more details, see the Definitions section of our ESG targets news release.
At Cenovus, we recognize the growing concerns of people around the world about climate change and we share the goal of reducing GHG emissions.
Governments are supporting the transition to a lower-carbon future by introducing increasingly stringent climate-related policies and creating incentives for emissions-reduction solutions. We believe companies that fail to adapt to this transition will face growing carbon-related risks, while those that act now will position themselves for long-term business resilience. That’s why Cenovus is focused on demonstrating equally strong financial, operational, and environmental, social & governance (ESG) performance.
Cenovus is already one of the lowest emissions producers of oil in Canada with production emissions well below the global average. Building on this, our new GHG emissions targets are among the most ambitious in the world for an upstream exploration and production company.
30% GHG intensity reduction
We plan to reduce our per-barrel GHG emissions by 30% by the end of 2030, using a 2019 baseline, and hold our absolute emissions flat by the end of 2030. In setting our GHG targets, we worked comprehensively with global experts to stress test both the targets and our strategic options for achieving them. And we analyzed scenarios from third parties to assess the resiliency of our business as we further reduce our emissions intensity.
Our GHG emissions strategy includes a number of options to reach our targets. These opportunities are at various stages of development, and include: additional operational optimization, incorporating cogeneration capacity into future oil sands phases, more extensive deployment of solvent technology, further advancement of the methane emissions reduction initiatives already underway at our Deep Basin operations and additional operational efficiencies, including the use of data analytics. Cenovus is also considering other direct and indirect initiatives that generate credible, additional and permanent carbon offsets.
Net zero emissions by 2050
Cenovus’s long-term ambition is to reach net zero emissions by 2050. This is intended to address upstream (scope 1 and scope 2) emissions and will require ongoing focus on technology solutions beyond those that are commercial and economic today. We continue to identify opportunities to participate in longer-term solutions to address emissions from our operations and beyond. This includes extensive collaboration efforts with our peers, academics, other industries and entrepreneurs from around the world.
Air quality
We monitor ambient air quality at our operations to ensure that sulphur dioxide (SO2), hydrogen sulphide (H2S) and nitrogen oxides (NOx) concentrations remain within acceptable levels. To reduce air pollutants such as SO2 and NOx, as well as GHG emissions such as methane, we invest in technologies that help lower energy consumption in our day-to-day operations and processes.
We’ve already made significant progress in reducing methane emissions at Cenovus and we’re continuing to work on projects at our operations to further reduce emissions. Studies have shown that methane is a much more potent GHG than CO2, which means that reducing methane emissions is a critical part of any plan to address climate change.
Quick facts
- Between 2004 and 2019, Cenovus reduced the CO2 emissions intensity of its oil sands operations by about 30%
- NOx emissions at our Christina Lake oil sands facility are about 50% below the regulatory threshold of 400 tonnes per year
From the Fraser Institute
By Tegan Hill
According to the recent mid-year update tabled Thursday, the Smith government projects a $4.6 billion surplus in 2024/25, up from the $2.9 billion surplus projected just a few months ago. Despite the good news, Premier Smith must reduce spending to avoid budget deficits.
The fiscal update projects resource revenue of $20.3 billion in 2024/25. Today’s relatively high—but very volatile—resource revenue (including oil and gas royalties) is helping finance today’s spending and maintain a balanced budget. But it will not last forever.
For perspective, in just the last decade the Alberta government’s annual resource revenue has been as low as $2.8 billion (2015/16) and as high as $25.2 billion (2022/23).
And while the resource revenue rollercoaster is currently in Alberta’s favor, Finance Minister Nate Horner acknowledges that “risks are on the rise” as oil prices have dropped considerably and forecasters are projecting downward pressure on prices—all of which impacts resource revenue.
In fact, the government’s own estimates show a $1 change in oil prices results in an estimated $630 million revenue swing. So while the Smith government plans to maintain a surplus in 2024/25, a small change in oil prices could quickly plunge Alberta back into deficit. Premier Smith has warned that her government may fall into a budget deficit this fiscal year.
This should come as no surprise. Alberta’s been on the resource revenue rollercoaster for decades. Successive governments have increased spending during the good times of high resource revenue, but failed to rein in spending when resource revenues fell.
Previous research has shown that, in Alberta, a $1 increase in resource revenue is associated with an estimated 56-cent increase in program spending the following fiscal year (on a per-person, inflation-adjusted basis). However, a decline in resource revenue is not similarly associated with a reduction in program spending. This pattern has led to historically high levels of government spending—and budget deficits—even in more recent years.
Consider this: If this fiscal year the Smith government received an average level of resource revenue (based on levels over the last 10 years), it would receive approximately $13,000 per Albertan. Yet the government plans to spend nearly $15,000 per Albertan this fiscal year (after adjusting for inflation). That’s a huge gap of roughly $2,000—and it means the government is continuing to take big risks with the provincial budget.
Of course, if the government falls back into deficit there are implications for everyday Albertans.
When the government runs a deficit, it accumulates debt, which Albertans must pay to service. In 2024/25, the government’s debt interest payments will cost each Albertan nearly $650. That’s largely because, despite running surpluses over the last few years, Albertans are still paying for debt accumulated during the most recent string of deficits from 2008/09 to 2020/21 (excluding 2014/15), which only ended when the government enjoyed an unexpected windfall in resource revenue in 2021/22.
According to Thursday’s mid-year fiscal update, Alberta’s finances continue to be at risk. To avoid deficits, the Smith government should meaningfully reduce spending so that it’s aligned with more reliable, stable levels of revenue.
Author:
Better, faster, more affordable auto insurance
Alberta’s government is introducing a new auto insurance system that will provide better and faster services to Albertans while reducing auto insurance premiums.
After hearing from more than 16,000 Albertans through an online survey about their priorities for auto insurance policies, Alberta’s government is introducing a new privately delivered, care-focused auto insurance system.
Right now, insurance in the province is not affordable or care focused. Despite high premiums, Albertans injured in collisions do not get the timely medical care and income support they need in a system that is complex to navigate. When fully implemented, Alberta’s new auto insurance system will deliver better and faster care for those involved in collisions, and Albertans will see cost savings up to $400 per year.
“Albertans have been clear they need an auto insurance system that provides better, faster care and is more affordable. When it’s implemented, our new privately delivered, care-centred insurance system will put the focus on Albertans’ recovery, providing more effective support and will deliver lower rates.”
“High auto insurance rates put strain on Albertans. By shifting to a system that offers improved benefits and support, we are providing better and faster care to Albertans, with lower costs.”
Albertans who suffer injuries due to a collision currently wait months for a simple claim to be resolved and can wait years for claims related to more serious and life-changing injuries to addressed. Additionally, the medical and financial benefits they receive often expire before they’re fully recovered.
Under the new system, Albertans who suffer catastrophic injuries will receive treatment and care for the rest of their lives. Those who sustain serious injuries will receive treatment until they are fully recovered. These changes mirror and build upon the Saskatchewan insurance model, where at-fault drivers can be sued for pain and suffering damages if they are convicted of a criminal offence, such as impaired driving or dangerous driving, or conviction of certain offenses under the Traffic Safety Act.
Work on this new auto insurance system will require legislation in the spring of 2025. In order to reconfigure auto insurance policies for 3.4 million Albertans, auto insurance companies need time to create and implement the new system. Alberta’s government expects the new system to be fully implemented by January 2027.
In the interim, starting in January 2025, the good driver rate cap will be adjusted to a 7.5% increase due to high legal costs, increasing vehicle damage repair costs and natural disaster costs. This protects good drivers from significant rate increases while ensuring that auto insurance providers remain financially viable in Alberta.
Albertans have been clear that they still want premiums to be based on risk. Bad drivers will continue to pay higher premiums than good drivers.
By providing significantly enhanced medical, rehabilitation and income support benefits, this system supports Albertans injured in collisions while reducing the impact of litigation costs on the amount that Albertans pay for their insurance.
“Keeping more money in Albertans’ pockets is one of the best ways to address the rising cost of living. This shift to a care-first automobile insurance system will do just that by helping lower premiums for people across the province.”
Quick facts
- Alberta’s government commissioned two auto insurance reports, which showed that legal fees and litigation costs tied to the province’s current system significantly increase premiums.
- A 2023 report by MNP shows
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