Our vision is for Canada to meet its climate goals and to become the preferred supplier of responsibly-produced oil to the world.

Our goal

Our goal is to reduce annual oil sands emissions to net zero by 2050.  

“The energy sector is a big part of our GDP and it’s very important for Canada’s current account balance.”
Chrystia Freeland, Deputy Prime Minister of Canada

Why net zero?

There is no switch to turn off hydrocarbons and quickly ramp up renewables in a way that ensures a stable supply of reliable, affordable energy. All forms of energy will be required and by driving down our GHG emissions to net zero, Canada’s oil sands will be well-positioned to help facilitate an orderly transition. 

What this means for Canada

Canada has joined over 120 countries in committing to the Paris Climate Agreement. Our plan is essential to Canada’s efforts to reach its climate goals, including its net zero by 2050 ambition.  

By tackling our emissions challenge head-on, we’re working to ensure the oil sands can offer Canada, and the world, a sustainable product and a higher degree of long-term energy stability and certainty. 

By the end of the decade, the Pathways Alliance member companies have the potential to generate approximately 35,000 jobs in construction and clean tech, protect 25,000 to 35,000 existing jobs, and add another 1,000 permanent jobs to support our low-emissions facilities compared to a status quo scenario. 

A healthy, sustainable oil sands industry, that can make meaningful emissions reductions, could contribute an estimated $3 trillion to the Canadian economy over the next 30 years.

 

Comparable projects

The proposed plan is similar to the Longship/Northern Lights projects in Norway and the Porthos project in the Netherlands. There are other similar projects here in Canada and in other countries across the globe. Each one requires significant collaboration between industry and government.

“The petroleum industry has been one of the engines of the Norwegian economy for more than 50 years. We must transfer investment, capital, networks and knowledge to emerging and new industries.”
Prime Minister Erna Solberg

Northern Lights (Norway)

The Northern Lights project captures CO₂ from industrial sources in the Oslo region and ships it to an onshore terminal on the Norwegian coast. From there, it’s transported by pipeline to a storage location under the North Sea.

Porthos (Netherlands)

Porthos is developing a project to transport CO₂ from industry in the Port of Rotterdam and store it in empty gas fields beneath the North Sea. Porthos stands for Port of Rotterdam CO₂ Transport Hub and Offshore Storage.

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Cautionary Statement: Statements of future events or conditions in this press release, including projections, targets, expectations, estimates, and business plans are forward-looking statements. Forward-looking statements can be identified by words such as achieve, aspiration, believe, anticipate, intend, propose, plan, goal, seek, project, predict, target, estimate, expect, forecast, vision, strategy, outlook, schedule, future, continue, likely, may, should, will and/or similar references to outcomes in future periods. Forward-looking statements in this press release include, but are not limited to, references to the viability, timing and impact of the Oil Sands Pathways to Net Zero initiative collaboration and the development of pathways in support of a net-zero future; support for the pathways from the Government of Alberta and the Government of Canada; the ability to enable net zero emissions from oil production and preserve economic contribution from the industry; the continued role of fossil fuels as part of a diversified energy mix; and the deployment of technologies to reduce GHG emissions, such as CCUS, process improvements, energy efficiency, fuel switching, electrification, infrastructure corridors and new emissions-reducing technologies. All net-zero references in this announcement apply to emissions from oil sands operations (defined as scope 1 and scope 2 emissions).

Forward-looking statements are based on current expectations, estimates, projections and assumptions at the time the statements are made. Actual future results, including expectations and assumptions concerning: demand growth and energy source, supply and mix; amount and timing of emissions reductions; the adoption and impact of new facilities or technologies, including on reductions to GHG emissions; project plans, timing, costs, technical evaluations and capacities, and the ability to effectively execute on these plans and operate assets; that any required support for the pathways from the Government of Alberta and the Government of Canada will be provided; applicable laws and government policies, including climate change and restrictions in response to COVID-19; production rates, growth and mix; general market conditions; and capital and environmental expenditures, could differ materially depending on a number of factors. These factors include global, regional or local changes in supply and demand for oil, natural gas, and petroleum and petrochemical products and the resulting price, differential and margin impacts; political or regulatory events, including changes in law or government policy and actions in response to COVID-19; the receipt, in a timely manner, of regulatory and third-party approvals including for new technologies; lack of required support from the Government of Alberta and the Government of Canada; environmental risks inherent in oil and gas exploration and production activities; environmental regulation, including climate change and GHG regulation and changes to such regulation; availability and allocation of capital; availability and performance of third-party service providers; unanticipated technical or operational difficulties; project management and schedules and timely completion of projects; reservoir analysis and performance; unexpected technological developments; the results of research programs and new technologies, and ability to bring new technologies to commercial scale on a cost-competitive basis; operational hazards and risks; general economic conditions, including the occurrence and duration of economic recessions; and other factors referenced by the companies’ in their most recent respective annual reports and management’s discussion and analysis, as applicable.

Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to the companies. Actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance on them. The companies undertake no obligation to update any forward-looking statements contained in this press release, except as required by applicable law.